Whale Stored 290m Pi Coins Matter Is Fishy
A shocking incident related to Pi Network has caught the attention of the entire crypto community. In the last three months, a big whale has accumulated about 290 million Pi Coins, estimated to be worth around $150 million. This move has come at a time when the value of Pi Coins is in decline and users have already become alert due to the news of password leak. This sudden and huge accumulation has raised many questions, is it a sign of institutional investment or some mess?
When and how did the whale's activity happen?
This huge deposit started on March 6 and recently another big transaction of 2 million Pi Coins was done 22 hours ago. All these activities of the whale have been closely tracked and according to reports, most of the tokens have been sent to centralized exchanges.
When the market is witnessing boom and volatility in meme coins, the activity of this whale at that time points to many possibilities. It is speculated that this investor is possibly preparing for the listing of Pi Coins on major exchanges like Binance.
Questions on password leak and timing
This whale movement has happened at a time when news of Pi Network Password Leak surfaced and the sense of insecurity among users increased. Whether this is a coincidence or a strategy, this question has now become a topic of discussion in the Pi Community.
There is also a possibility that this movement is a strategic effort to convince users that big whales still believe in Pi Coins. However, it should also be investigated whether this is an internal team movement, because if so, then questions arise on both transparency and security.
Market condition and current status of Pi Coins
Currently Pi Coins is trading at $0.55, with a 24-hour trading volume of over $100 million. The total market cap has crossed almost $4 billion, although a large part of it is still locked.
The total supply is 100 billion Pi Coins, while the circulating supply is only around 7.5 billion. This means that a big investor wave is yet to come. Compared to the ATH i.e. all-time high, Pi Coin is down 80% from its high of $2.98.