Pi Network’s Price Plummets by 20% Weekly, but This Mysterious Whale Keeps Buying Pi: Details

TL;DR

• An unknown large investor has accumulated millions of PI tokens amid the asset’s price decline over the past few months.
• PI’s RSI has dipped into oversold territory, hinting at a potential rebound. In addition, token balances on exchanges have slightly declined in recent days, suggesting reduced sell pressure.

This Whale Is on the Move

The latest correction of the crypto market only intensified the unsatisfactory condition of Pi Network’s PI. Its price recently plunged to a new all-time low of $0.34 before slightly rebounding to the current $0.35, which represents a 21% decline on a weekly scale.

PI Price, Source: CoinGecko

Despite the negative performance, some factors suggest the free fall may stop in the short term. Over the last several months, a mysterious whale known as “GAS…ODM” has accumulated 350 million PI tokens.

X user Cobak revealed that the large investor is now the sixth-biggest holder of the asset, sparking rumors about the potential identity behind the wallet. Some of the theories include the Pi Network Foundation or even a major exchange preparing for a future listing. 

Last month, the PI community noted “unusual activity” in Binance’s hot wallets, assuming that the company could be the next to embrace the coin. Some members are eyeing August 15 as a potential date for the move.

Recall that Binance issued a vote in February to determine whether its users want to see PI available for trading on the platform. The vast majority were supportive, but the exchange has yet to respect their wish. 

Listing from the crypto behemoth would most likely have a positive impact on the price of PI due to increased liquidity, improved accessibility, and the provided reputational shot.

The whale activity (even if Binance is not the entity behind it) is a generally bullish development since it reduces the amount of tokens available on the open market. Fundamental principles of the economy dictate that the valuation should head north if demand remains constant or rises. Moreover, the actions of the large investor may also stimulate smaller players to join the ecosystem.

Additional Bullish Factors

Last week, the amount of PI tokens stored on crypto exchanges hit a new all-time high of over 405 million. In the following days, there has been an evident shift in that trend, and the figure now stands at approximately 400.4 million. Typically, a declining balance on centralized platforms reduces immediate selling pressure – and vice versa.

PI’s Relative Strength Index (RSI) also suggests that a rebound could be incoming. The technical analysis tool measures the recent speed and magnitude of price changes to help traders identify possible reversal points. Readings below 30 indicate that the asset is oversold and may be due for a resurgence, while readings above 70 are considered bearish territory. Currently, the RSI points to 25.

PI RSI, Source: TradingView