Pi Network Activity Soars as Mystery Wallet Acquires Millions in PI Coins

Pi Network is attracting attention because a wallet called “ODM” has quickly bought millions of PI tokens. This has sparked considerable speculation in the community about the wallet’s purpose and its potential impact on the network.

Pi Network Activity Surges Amid Massive Accumulation

Data from PiScan shows that a mysterious “ODM” wallet received 2.8 million Pi tokens from the OKX exchange. Earlier this month, this wallet also withdrew 3.5 million Pi tokens. Now, it holds about 315 million Pi tokens in total. This amount is significant enough to affect liquidity and token distribution in the Pi Network ecosystem.

This buying spree has fueled talk that the wallet could be controlled by the Pi Core Team (PCT) itself. Some observers believe this might be a buyback wallet that is buying PI tokens in preparation for a possible new listing on an exchange.

Within the Pi Network community, theories abound. Some community members have even dubbed ODM the “new Satoshi wallet,” likening its strategic accumulation to Bitcoin’s early mysterious holdings. 

Notably, some believe that large wallets, such as ODM, often appear before important events in the ecosystem. Similar patterns happen when blockchain networks announce big upgrades, start new liquidity pools, or form partnerships with institutions.

Is Pi Team Buying Back This Amid Large Unlocks?

Speculations have risen that this may be the Pi Core team’s move to stabilize prices or build reserves for future DeFi tools and ecosystem grants. A few powerful holders can, in theory, influence market prices, liquidity events, and sentiment.

If the ODM wallet is confirmed as a buyback wallet, it may serve multiple roles. This involves balancing the number of tokens available, improving liquidity pools for decentralized exchanges, and funding hackathons and developer grants. Changes like this could help boost investor confidence in the token’s potential for growth.

The increase in wallet activity comes at a critical time for Pi Network, as investors worry about its long-term future. As CoinGape reported, investors expressed concerns about its planned unlocks, which might lead to heavy selling pressure. Historically, large token unlocks have triggered steep declines in other crypto assets, particularly when market demand fails to absorb the newly released supply.

The price of Pi Coin has remained largely unchanged due to persistently high volatility, despite recent updates, including the release of Pi Node v0.5.3. However, there is now more conjecture that the recent activity surrounding the enigmatic ODM wallet could be an insider’s calculated attempt to stabilise the token.