Although the precise identity of the wallet remains undisclosed, the enigmatic entity behind the GAS…ODM address has amassed an extraordinary holding of over 331 million Pi coins—valued at approximately $148.5 million—over a concentrated three-month period characterized by a substantial 70% depreciation in Pi’s market price since its May 2025 zenith, thereby positioning this wallet as the sixth largest among the seventeen principal Pi Network whale accounts and surpassing the reserves of prominent exchange wallets such as Gate.io, Bitget, and MEXC; this accumulation pattern, occurring amid adverse market conditions and accompanied by significant token withdrawals from multiple exchanges, has generated intensive speculation regarding the wallet’s potential affiliation with the Pi Core Team and its purported role in strategic buyback mechanisms designed to influence market dynamics. The whale wallet’s activities notably coincide with speculation about a potential exchange listing, which may explain the scale and timing of the hoarding.
The manifest increase in holdings by this single whale, despite a protracted bear market phase, suggests a calculated whale strategy that perhaps extends beyond mere opportunistic accumulation, potentially epitomizing deliberate market manipulation intended to stabilize Pi’s price trajectory while controlling circulating supply amidst escalating token unlock schedules; such a strategy, characterized by substantial withdrawals from major exchanges including OKX, Gate.io, and MEXC, and concurrent with an unlocking rate averaging approximately 6.15 million tokens daily, reflects a sophisticated approach to mitigating downward price pressure through the systematic absorption of newly liquidated coins, thereby exerting a pronounced influence on liquidity and supply-demand equilibrium within the Pi ecosystem. Moreover, the wallet’s activity contrasts with Pi’s price decline, which has fallen over 30% from its recent high, underscoring the strategic nature of this accumulation.
This accumulation behavior, unprecedented in scale and velocity among Pi whales, has catalyzed diverse interpretations within the community and among analysts, with prevailing hypotheses positing that the GAS…ODM wallet functions as a buyback account operated by the Pi Core Team, whose objective would ostensibly be to counteract market volatility and preserve token value during critical phases of supply expansion; however, the absence of official confirmation sustains ambiguity regarding ownership and strategic intent, engendering ongoing debate about whether these actions constitute prudent reserve management or constitute a form of market manipulation that could distort organic price discovery and investor sentiment in the longer term.
