Scooping up over 331 million from miscellaneous exchanges, this crypto whale is preparing for something big.
Mystified millionaire Pi coin (PI) whale is hoarding the mobile mining cryptocurrency at unprecedented levels. A crypto whale went on a withdrawal spree, using MEXC, OKX, Gate.io & several other crypto exchanges to gather 331 million Pi coins in their self-custodial wallet.
Who’s The Gigantic Whale Behind The Hoarding?
One popular theory is that the Pi coin whale in question is somehow affiliated with the Pi Core Team (PCT). The official developer tandem behind Pi’s mainnet hasn’t confirmed any ownership of this wallet, but core teams could be repurchasing the freshly unlocked tokens in an attempt to stabilize Pi coin’s market value.
On the other hand, this picked up Pi coin accumulation pace from this account could imply an incoming listing. Naturally, cryptocurrency whales tend to gulp huge amounts of the token if they suspect it’s going to be listed by a major exchange.
In Pi coin’s case, this mobile mining crypto token has a very large userbase of over 70 million, so accessibility on mainstream exchanges is a no-brainer. However, Pi coin was rejected by Binance despite a community-based voting confirming the demand.
While social media continues to swirl around a possible listing by either Binance or Coinbase, no evidence exists to back these claims. Right now, Pi’s price is trading just above $0.45, having a near-month hiatus from the $0.60 major demand zone, a resistance level that boosted Pi’s price to $1.50 in May, and helped claim the $2.99 all-time high a week into launch.
On The Flipside
* The next 30 days is set to unlock another 184.62 million Pi tokens, worth $2.35 million at the time of this publication.
* Contrastingly to the current 6.15 million average daily unlock, the Pi coin unlocking speed will be lowered to ≈5.
Why This Matters
Crypto mining practices have been made widely accessible in recent years, indulging many inexperienced enthusiasts to try mining risk-free. But, onboarding everyone on the mainnet is a challenging task, as only about 12 million Pioneers out of 70 million are verified on Pi’s mainnet.
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