Pi Network price has crashed since its mainnet launch in February, resulting in substantial losses for its holders. The coin was trading at $0.34 on Thursday, down by over 88% from its all-time high. This article looks at the Pi Coin and examines who owns the most tokens.
What is Pi Network?
Pi Network is a cryptocurrency launched in 2018 to address the main challenges of Bitcoin. The primary challenge was that mining Bitcoin is highly complicated and expensive. It solved that by creating a coin that people can mine using their smartphones.
On top of this, Pi Network developers hoped to create a cryptocurrency with utility. To achieve this, they launched the Ad network, providing developers with a technology to monetize their apps. They then launched the Pi App Studio and Pi AI Studio to help creators build their applications.
Pi Network offers additional features, including Know Your Customer (KYC), which allows pioneers in the enclosed mainnet to transfer their mined tokens to the mainnet.
To a large extent, Pi has been a disappointment, failing to achieve most of the goals it initially set. For example, while the developers promised an active ecosystem, it is largely a ghost chain with apps that almost no one uses. Also, no major company accepts Pi as a payment option.
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Pi Network Rich List
Data compiled by PiScan shows that there are ten Pi whales holding tokens worth over 10 million coins, worth $3.4 million and above. The biggest Pi Network whale holds over 377 million coins worth over $128 million.
The identity of this whale is anonymous. There is speculation that this whale is Justin Sun, the billionaire founder of Tron. He might be buying with hopes that the coin will surge when it gets listed by exchanges, including HTX, which is associated with him. In addition to Sun, the whale could be an insider in other major exchanges.
The other top holders of the Pi coin are the Pi Foundation, an obscure entity that holds billions of these coins. Not much is known about the foundation. As such, we can assume that Nikkolas Kokkalis and Chengdiao Fan, its founders, control these wallets.
Four anonymous wallets hold 100 million Pi coins worth $34.38 million. It is unclear whether these accounts are related. Another large wallet holds 30.1 million coins, and another one 21.4 million coins.
Data shows that almost 10,000 accounts hold Pi coins worth between $343,800 and $3.4 million, and 356 of them have holdings between $34,380 and $343 million.
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