An anonymous whale has continued to accumulate Pi Network this month, and has now become the sixth biggest holder after wallets controlled by the obscure Pi Foundation.
The whale, who started accumulating the coin a month ago, now holds 371.7 million Pi coins valued at over $128 million. He has continued accumulating the tokens this week.
He moved 304,572 Pi coins from OKX to self-custody on Wednesday. His previous transaction moved 3.73 million tokens to self-custody from OKX. Most importantly, he has bought over 7.4 million Pi coins worth over $2.4 million in the last 12 days.
Assuming his holdings remain at the current 371.7 million, it means that he will become a Pi Network billionaire if the price jumps to $2.66, which is a few points below the all-time high of $2.9.
A Pi Network surge to that level is possible as the coin has several potential catalysts. One of the main catalysts is that the developers may decide to emulate OKB and announce a major token burn. OKB price jumped by over 300% shortly after that.
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Another major catalyst would be an exchange listing by a tier-1 company like Binance, Coinbase, Bybit, and Upbit. We have seen many cryptocurrencies go parabolic following an exchange listing.
An exchange listing is possible in Pi Network’s case since a handful of exchanges now list it. No exchange has listed it since its mainnet launch in February.
Further, as we have written before, Pi coin price has strong technicals. It has formed a falling wedge and a double-bottom pattern. It is also in the accumulation phase of the Wyckoff Theory, meaning that it may surge as it enters the markup phase.
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