For many holders, the flat performance is another reminder of how far the project has fallen from its peak. But in the background, one investor is quietly rewriting the story by scooping up tokens on an almost daily basis.

Building a Massive Position

Blockchain trackers reveal that a single wallet has now accumulated 373 million Pi — worth around $128 million at current prices. Just this week, the same buyer snapped up another 1.57 million tokens, extending a shopping spree that began in August.

No one knows who the owner is, but theories range from an enthusiastic supporter with deep pockets to an insider preparing for a potential exchange listing. If Pi were to be listed on a major platform, the resulting short squeeze could validate the whale’s strategy.

Betting Against the Crowd

The purchases come at a time when most investors have stepped back. Pi has lost about 90% of its value since launch, unlock schedules have weighed on price action, and listings promised years ago remain elusive. Yet contrarian traders often look for opportunity in pessimism — a philosophy Warren Buffett famously summarized as “be greedy when others are fearful.”

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A Wyckoff-Style Setup?

Some market watchers see Pi’s stagnant price as more than just stagnation. According to the Wyckoff market cycle, long consolidations can mark an accumulation phase, where stronger players buy in while prices drift sideways. When selling pressure finally dries up, assets can move quickly into what Wyckoff called the markup phase.

Recent examples, like MYX Finance, have shown how quiet charts can suddenly turn parabolic. If Pi follows a similar script, analysts suggest $1 could be the first milestone, with $1.66 a possible next stop — levels that would represent gains of nearly 400% from here.

A Test of Conviction

Whether the whale’s massive bet proves prescient or reckless depends on more than price charts. Pi Network’s ecosystem has struggled to deliver the real-world utility it once promised, leaving millions of mobile miners holding bags of largely inactive tokens. For now, the token’s biggest story is the mysterious figure who keeps buying when almost everyone else has walked away.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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