Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying

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Pi Network Price at Risk of Another crash as whale stops buying

Highlights

  • Pi Network price has crashed this month even as Bitcoin and other tokens jump.
  • The mysterious whale that was accumulating the coin has stopped buying.
  • Technical analysis points to more downside in the coming weeks, potentially to the psychological level at $0.10.

Pi Network price has crashed by over 90% from its highest level since its mainnet launch in February. This plunge has led to a $18 billion wipeout as the valuation has dropped to $2 billion. Pi Coin could continue falling as one mysterious whale who has been buying stops accumulating. 

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Pi Network Price Could Crash as Whale Stops Buying

One of the recent catalysts for the Pi Network has been accumulation by a mysterious whale. A look at PiScan shows that this whale was buying the coin almost daily. 

His buying brought his total holdings to over 383 million coins, which are now worth over $101 million. He has become the biggest holder of Pi Coins after the Pi Foundation, which holds over 90 billion coins. 

Recently, however, the whale has stopped accumulating. His last purchase was ten days ago, when he moved 1.4 million tokens worth over $380,100 from OKX to his self-custody wallet. 

There are three potential reasons for the pause in purchases. First, the whale is likely taking a breather after buying coins worth over $100 million in less than 30 days. 

Second, the investor may have achieved his goal of his accumulation, which is understandable. Finally, the whale may be changing his mind about Pi, which could see him start selling. This is possible as he has been making some small transactions to one account in the past three days. 

Meanwhile, Pi Network price has crashed as demand from investors waned. Data compiled by CoinMarketCap shows that the 24-hour volume has plunged by 20% to $30 million, a tiny amount for a coin valued at over $2 billion. 

Pi Coin price crashed even after Dr. Chengdiao Fan, its co-founder, talked at the TOKEN2049 event in Singapore. This decline is likely because she did not provide any detail about Pi’s future, including its tokenomics and exchange listings.

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Pi Coin Price Technical Analysis 

The daily timeframe chart shows that the Pi Coin price crashed below the important support level at $0.3173 in September as the crypto market plunged. Unlike other coins, however, Pi has remained in a deep bear market, partly because the whale has stopped purchasing. Its token unlocks are also accelerating.

The Pi Network price has formed a bearish flag pattern, which often leads to more downside over time. This pattern is made up of a vertical line and a horizontal channel.

Pi has remained below the 50-day and 100-day moving averages, a sign that bears remain in control. Therefore, the most likely Pi forecast for 2025 is bearish, with the next key target level being the year-to-date low of $0.1837, its lowest level in September. A drop that support will point to more downside, potentially to $0.1.

Pi Network Price Chart
Pi Network Price Chart

On the other hand, a move above the resistance at $0.3173 will invalidate the bearish outlook as it will be a sign that there is robust demand from investors.

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Frequently Asked Questions (FAQs)

1. What is the most likely Pi Network price forecast?

The most likely scenario is where the token plunges to the all-time low of $0.1837. A drop below that support will point to more downside.

2. Why has the whale stopped buying the token?

It is unclear why the whale has stopped buying the token. One of the potential reasons is that the whale has paused buying or he has reached his target.

3. How low can the Pi Coin price crash?

The Pi Network may plunge to the next psychological level at $0.10, which is about 62% below the current level.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.