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Pi coin’s largest whale continued to accumulate this week, with holdings breaking through 391.5 million tokens worth $82 million, approaching the 400 million milestone. Technical analysis shows a double bottom pattern and Wyckoff accumulation phase, with key support at $0.1942 holding, targeting $0.25. Protocol 23 upgrade and DEX, AMM mainnet launch expectations provide catalysts.

Pi Coin’s Mysterious Whale Approaches 400 Million Token Milestone

(Source: PiScan)

Pi Network’s price has remained consolidating this year, unaffected by recent cryptocurrency market gains. As of January 7, it trades at $0.21, far below its all-time high of over $3.6. However, Pi coin’s biggest supporter continues accumulating this year.

According to on-chain data, this mysterious whale began accumulating this week. On Monday, he transferred 313,565 PI tokens to a CEX, then transferred 391,174 PI tokens from the CEX to his self-custody wallet. This accumulation pushed his total tokens over 391.5 million, worth over $82 million, making him the largest token holder in the Pi ecosystem. This also suggests the investor may hold 400 million tokens within months.

The whale behind this transaction likely believes the token will rebound. From the transaction pattern, transferring tokens to a CEX then out to a self-custody wallet shows this whale isn’t doing short-term exchange trading, but accumulating then moving to cold storage for long-term holding. This behavior pattern is typical of “smart money” accumulation strategy, contrasting sharply with retail panic selling.

However, on-chain data also shows contradictory signals. PiScan data shows 21 whales currently, down from 23 last week. This means while the largest whale accumulates, two whales have exited or reduced below whale thresholds. This divergence shows disagreements within the whale group about Pi’s prospects, with not all major holders bullish on the future.

Data shows PI’s 24-hour trading volume is $11 million, making it one of the smallest trading volume tokens among the top 50. Given its market cap exceeding $1.76 billion, the trading volume appears insignificant. This low volume reflects Pi coin’s liquidity issues; large buy or sell orders could cause severe price swings.

Protocol 23 Upgrade and DEX Launch: Dual Catalysts

One possible reason for Pi’s rebound is one or more top exchanges listing it. Currently Pi only trades on exchanges like Gate, with no second-round listing campaign launched. If a new CEX announces Pi launch, it would bring massive liquidity and exposure, potentially doubling prices short-term.

Another potential catalyst is the upcoming Protocol 23 upgrade and this year’s DEX and AMM mainnet launch. While launch itself matters, the most important events will be their activity and trading volume. If Pi’s DEX can attract substantial liquidity and offer low-slippage trading, it significantly improves the Pi ecosystem’s user experience. Currently Pi users mainly rely on centralized exchanges; DEX launch provides decentralized trading options.

Three Major Catalysts for Pi Rebound

Protocol 23 Upgrade: Technical improvements may enhance network performance and user experience, boosting market confidence

DEX and AMM Mainnet Launch: Decentralized exchanges provide more liquidity options, reducing dependence on centralized platforms

Top Exchange Listing: If major U.S. compliant crypto exchanges list Pi, it brings explosive demand and liquidity

However, whether these catalysts truly drive price rebounds depends on execution. Pi Network has repeatedly failed to deliver promised features and timelines, making markets skeptical of future commitments. Only when the DEX truly launches and demonstrates substantial trading volume will markets reassess Pi’s value.

Technical Analysis Shows Double Bottom Pattern and Wyckoff Accumulation

(Source: Trading View)

Technical analysis suggests Pi coin may be about to experience significant short-term breakout gains. Current price is slightly above key support at $0.1942, the lowest point on October 11, 17 and December 16 last year. Price has repeatedly held above this support, forming a double bottom pattern. Double bottoms are classic bullish reversal patterns, showing selling pressure at this level is fully absorbed and buying pressure is gaining advantage.

The token currently sits in the Wyckoff theory’s accumulation phase. Usually after this phase comes an uptrend, where asset prices typically show parabolic gains. Zcash’s Q4 price surge is an excellent example, with that token consolidating for years beforehand. Wyckoff theory divides market cycles into four phases: accumulation, markup, distribution, markdown. Pi is currently in late accumulation phase; smooth transition to markup phase could bring substantial gains.

Therefore, as long as Pi maintains above the $0.1942 key support, its most likely technical direction is bullish. If price stays above support, it could rally to $0.25. This represents approximately 19% upside from current levels, attractive for risk-seeking investors.

Breaking below this level signals further downside, indicating bears have gained control. Double bottom failure typically triggers accelerated decline as technical traders relying on pattern breakdowns quickly exit. The next support may be around $0.15, a deeper psychological support level.

For Pi investors, this is a critical observation period. Whale accumulation provides confidence support, while technical double bottom and Wyckoff accumulation point to potential rebounds. However, low volume, reduced whale count, and historical project execution issues are non-negligible risk factors.