The Whale Accumulation Narrative
Recent on-chain data from late 2025 points to significant activity from large Pi holders, often referred to as “whales”. A key signal of long-term confidence has been the substantial withdrawal of tokens from trading platforms. In October 2025 alone, nearly 10 million PI were withdrawn from exchanges, reducing the readily available supply and generally indicating that large holders are moving their assets into cold storage for long-term holding rather than for immediate sale. This accumulation is not a new phenomenon; earlier in the year, a prominent whale was reported to have steadily accumulated 350 million Pi (valued at approximately $125 million), further underscoring a pattern of major players building positions.
Retail Participation and Ecosystem Developments
While whales appear to be accumulating, the broader retail user base, the “Pioneers”, face their own set of dynamics. The Pi Network has made strides in onboarding and verification, with a new AI-driven KYC system leading to the full verification of over 3.36 million additional users as of October 2025. This enhances the network’s security and compliance but also highlights the challenges of scaling such a large user base.
The ecosystem continues to develop, with initiatives like the Pi Hackathon 2025 aiming to spur the creation of thousands of decentralized applications (dApps) to build utility beyond mere speculation. However, the project still grapples with criticism concerning the pace of its mainnet development and the need for more real-world utility to drive sustained, organic demand.
Technical Context and Market Outlook
As of early November 2025, Pi Coin was trading around $0.20, reflecting a period of consolidation after experiencing significant volatility throughout the year. Technical analysis from this period suggested the token was forming potential bullish patterns, such as a double-bottom around $0.3160, with analysts watching for a sustained breakout above the $0.38 resistance level to confirm a more positive short-term trend.
However, investors should be aware of inherent risks. A considerable concentration of supply—with the top 100 wallets controlling over 96% of the tokens—can lead to heightened volatility and price manipulation. Furthermore, scheduled token unlocks, such as the over 121 million PI set to be released in the 30 days following October 2025, can create selling pressure and test the market’s ability to absorb new supply.
