Pi Network in the spotlight as mysterious wallet acquires 2.8M PI from OKX

A mysterious wallet labelled “ODM” has drawn the attention of the Pi Network community after acquiring 2.8 million PI tokens from the crypto exchange OKX, intensifying speculation about its true purpose.

With Pi Coin hovering near its all-time low, this high-profile token movement has triggered new debates about possible buybacks, centralisation risks, and the future of the network.

The 2.8M PI coin acquisition has fueled fresh rumours

On-chain data from PiScan shows that the ODM wallet acquisition (withdrawal) of 2.8 million PI tokens from OKX followed an earlier withdrawal of 3.5 million tokens from the same platform.

This now places the ODM wallet’s total holdings at more than 315 million PI, making it one of the largest known accumulators within the Pi Network ecosystem.

The size and timing of this accumulation have fueled rumours that the wallet may be controlled by the Pi Core Team as part of a broader buyback strategy or preparation for a major exchange listing.

Despite the growing speculation, there has been no official confirmation from the Pi Core Team, leaving the true nature of the wallet’s activity up for debate among users, developers, and investors.

Pi Network community split between hope and concern

Some community members have welcomed the possibility that the wallet is supporting price stabilisation efforts, especially at a time when the network faces downward pressure from large-scale token unlocks.

Others, however, are raising alarms about transparency and the potential centralisation of token control, likening the situation to early Bitcoin wallet activity associated with Satoshi Nakamoto.

The lack of clear communication from the Pi Network team has only deepened concerns, with calls for greater transparency growing louder across social media platforms and community forums.

Pi Coin price volatility mounts

Notably, the timing of the wallet’s acquisition comes as Pi Coin continues to face heavy selling pressure, declining by more than 26% over the past month and underperforming against most altcoins.

Data shows that over 100 million tokens were unlocked between July 8 and July 15, with an additional 137.85 million scheduled to enter circulation by the end of the month.

Recent movements have seen nearly 6 million tokens transferred to exchanges in just 24 hours, signalling a wave of sell-side activity that threatens to push prices lower.

Some of these transfers were linked to wallets believed to be associated with the Pi Foundation, further intensifying anxiety about a potential collapse in price.

Technical analysis of the PI coin price chart suggests a descending triangle breakout, with the price slipping below the key support of $0.44.

If this breakdown is confirmed, Pi Coin could crash as much as 40%, potentially reaching new all-time lows near $0.26.

However, some bullish indicators remain in play, including a double-bottom pattern around the $0.4087 level and a bullish divergence on the MACD, which could signal a rebound if the market finds support.

Additionally, the recent launch of Pi AI Studio and the Pi2Day staking mechanism offers long-term value prospects, helping to position Pi Network as a platform with growing developer interest.

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