The Pi Network token, $PI, has undergone a massive correction, with its valuation plunging more than 90% from its peak earlier this year. Once valued near $20 billion, the token's market cap now sits closer to $2 billion.
The sharp decline and lack of momentum are largely attributed to the sudden disappearance of a key buyer—a mysterious whale who had been supporting the market by aggressively accumulating the token.
The Whale's Silence and Market Impact
- Massive Accumulation: The whale had amassed over 383 million Pi Coin, valued at approximately $100 million at current prices, making them the largest non-Foundation holder.
- Abrupt Pause: This consistent buying streak ended abruptly ten days ago. Since their last recorded transfer, market sentiment has soured. Small, recent outgoing transfers from the whale's wallet have added to investor unease.
- Demand Thinning: With the whale on the sidelines, daily trading volume has dropped to around $30 million, an unusually low level for a token with a multi-billion dollar valuation.
- No Catalyst: Even a recent keynote appearance by co-founder Dr. Chengdiao Fan failed to boost confidence, as no new details about exchange listings or tokenomics were provided.
Technical Indicators Flash Bearish
Technically, the token is signaling further downside:
- Pi Coin is trading below both its 50-day and 100-day moving averages.
- A bearish flag pattern has emerged, often suggesting continued selling pressure.
- If the price breaks the year's low of $0.18, the next target could be a deeper retreat toward $0.10. Bulls need to reclaim the $0.31 support level to indicate a return of demand.
For now, the market's immediate fate rests on the next action of this one silent whale—whether they decide to resume buying or begin selling their immense holdings.
October 2025, Cryptoniteuae