The mysterious whale has accumulated 331 million Pi coins: how does this affect the price of the altcoin

In recent months, the Pi Network community (PI) has been actively discussing the mysterious whale wallet with the address GAS…ODM. In three months, it has accumulated over 331 million Pi coins worth $148.5 million.

This accumulation is happening against the backdrop of the falling price of Pi, which has decreased by more than 70% from its peak in May.

Who are bitcoin "whales": an overview of the inhabitants of the "cryptoceans"
Who owns the wallet with 330 million Pi

According to Piscan, over the past three months, the whale wallet has been actively withdrawing Pi coins from the exchanges O.X, Gate, and ME.C. The drop in the price of Pi has not slowed down the accumulation rate, but rather intensified it. Data shows that the wallet has made several large transactions, withdrawing millions of Pi coins in recent days.
Whale wallet accumulation activity of Pi Network.
The wallet currently holds over 331 million Pi coins, worth $148.5 million. Its balance has surpassed the balances of wallets on the Gate, Bi..et, and ME.C exchanges. It is currently ranked 6th among the 17 largest whale wallets in the Pi Network.

Many believe that this is not an ordinary user. He may be associated with the Pi Core Team (PCT) – the official group of developers of Pi Network. Some think that this could be a wallet for the buyback of coins during unlocking periods, in order to stabilize prices and manage supply.

"The 'ODM' wallet is currently accumulating PI at an unprecedented rate... This wallet is likely a redemption wallet. It is suspected that it belongs to the PCT team," Pi News reported in their report.

However, this active accumulation coincides with growing market expectations regarding a possible listing of Pi. This has led to the conclusion that "ODM" may belong to an exchange preparing liquidity for the debut of Pi.

"This indicates that a major investor is accumulating Pi. It has also raised speculation that a large exchange is preparing to list Pi," predicted investor Kim H. Wong.

So far, no exchange has officially confirmed that this wallet address belongs to it. The Pi Core team is also not commenting on the wallet's activity.
Price of Pi Network vs. Market Capitalization of altcoins (TOTAL3).

At the time of writing, Pi is trading at $0.44, which is more than 30% lower than last month's high. At the same time, the market capitalization of altcoins (TOTAL3) has increased by 30% over the same period, from $800 billion to over $1 trillion.