Pi Network Price Crash Deepens as Whale Halts Buying Spree

Pi Network’s price has taken a steep hit, plunging more than 90% from its peak since the mainnet launch earlier this year. The crash has wiped out nearly $18 billion in market value, bringing Pi’s capitalization down to around $2 billion. Much of the decline is linked to a slowdown in whale accumulation, which had previously been a major driver of momentum.

Blockchain data from PiScan shows that a single mysterious whale had been aggressively buying Pi on a near-daily basis, amassing over 383 million tokens worth about $101 million. This accumulation made him the second-largest holder after the Pi Foundation, which controls more than 90 billion tokens. However, the whale abruptly stopped purchasing ten days ago, with his last recorded move being 1.4 million tokens, worth roughly $380,000, transferred from OKX to his self-custody wallet.

There are several theories behind this pause. The investor may simply be taking a break after deploying over $100 million in less than a month, or he may have already hit his accumulation target. Another possibility is a shift in sentiment—small outgoing transfers to another wallet in recent days hint at a potential move toward selling.

The timing of the halt coincides with falling investor demand. Pi’s trading volume has slumped by 20% in 24 hours to $30 million, a notably low figure for a coin with a multi-billion-dollar valuation. Even after Pi co-founder Dr. Chengdiao Fan’s appearance at TOKEN2049 in Singapore, where she refrained from disclosing details about tokenomics or exchange listings, the market response remained bearish.

From a technical perspective, Pi has broken below key support at $0.3173 and continues to form a bearish flag pattern. The coin trades under both its 50-day and 100-day moving averages, underscoring strong downside pressure. If bears push the price below $0.1837, the next logical target could be $0.10. However, reclaiming $0.3173 would signal renewed buying interest and could invalidate the bearish outlook.