In one large twist in the Pi Network universe, one of the major investors, has brought about 290 million Pi (PI) coins within three months in the history of the project. This hoarding, which is worth approximately $150 million, has grabbed a lot of attention within the Pi community and market analysts.
First transaction took place on March 6 while the latest transaction of 2 million PI was completed by the whale 22 hours ago, one of the huge acquisitions of the 3 months. The activity of this whale has been tracked closely and it is reported that these tokens have taken place mainly in centralised exchanges.
This spike in accumulation in tandem with the increased volatility in the market especially in the meme coin space which has been going on big rallies recently. The choice of timing of the movements has caused speculation that the whale is preparing itself in the anticipation of a possible listing at large exchanges such as Binance.
The Pi Network community is still divided on what it will entail on this accumulation. On the one hand, it can be treated as a good indicator of institutional interest and confidence in the future of the project, and, on the other, as the concentration of holdings with its possible effects on the stability of the market.
As of now PI coin is trading at the value $0.54, with trading volume of over $100 million. The market cap of PI is $4 billion while a substantial amount is still locked up. The circulating supply is yet to be 7.5 billion while total supply is 100 billion, indicating that actual investor wave is yet to come.
Since its launch Pi coin has seen a continuous downturn, as it is already 68% below its ATH of $2.98. While many would worry about investing in this downtrend, this whale has a different opinion as in the three months time span they have added a lot of PI coin, and seems like they will continue to accumulate for the possible future.
If the PI network coins its all time high again this whale would be holding around $600 million dollars, even at $1 the valuation would be $300 million which is a huge profit.
With this development, interest lies all on the Pi Core Team to give any official statement that could guide the way of the project as well as what the role of such massive investors will be.
Also Read: Pi Network Password Leak: Urgent Action Recommended to Users
