In recent months, the Pi Network (PI) community has been buzzing with speculation over a mysterious whale wallet, identified by the address GAS…ODM. Within just three months, this wallet has amassed over 331 million Pi coins, an amount currently valued at $148.5 million.

This persistent accumulation comes amid a steep decline in Pi’s price, down over 70% from its May peak. The move has triggered various interpretations within the community.

Who Owns the Whale Wallet Holding Over 330 Million Pi Coins

According to data from Piscan, the whale wallet has been consistently withdrawing Pi coins from exchanges such as OKX, Gate.io, and MEXC over the last three months.

Despite Pi’s continued price drop and its absence from the July altcoin season, this address hasn’t slowed down. In fact, it has intensified accumulation. Data shows that the wallet has executed several large transactions, withdrawing millions of Pi coins in just the past few days.

As of now, the wallet holds over 331 million Pi coins, worth $148.5 million. Its balance has surpassed that of the Gate.io, Bitget, and MEXC exchange wallets. It now ranks 6th among the top 17 Pi Network whale wallets.

Many speculate that this is not a regular user. It could be linked to the Pi Core Team (PCT)—the official development group behind Pi Network. Some believe it might be a buyback wallet, used to repurchase tokens during unlock periods to help stabilize prices and manage supply.

“The wallet ‘ODM’ is now accumulating PI at an unprecedented rate… This wallet is likely a buyback wallet. Suspected to be owned by the PCT team,” Pi News reported.

However, this aggressive accumulation coincides with growing market expectations for a potential Pi listing. This has led others to believe that “ODM” could belong to an exchange preparing liquidity for Pi’s debut.

“It indicates a whale is accumulating Pi. It also raised speculation about a top exchange getting ready to list Pi,” Investor Kim H Wong predicted.

So far, no exchange has officially confirmed that this wallet address belongs to them. The Pi Core Team has also remained silent about the wallet’s activity.

Regardless of who owns it, the accumulation has offered Pi holders a sense of positive reassurance, especially as Pi’s price seems to be moving against the altcoin season trend in July.

At the time of writing, Pi is trading steadily around $0.44, down over 30% from last month’s high. In contrast, the altcoin market cap (TOTAL3) has surged by 30% during the same period, from $800 billion to over $1 trillion.