Pi Network’s token has had a rocky debut since its mainnet launch in February. After years of hype around mobile mining and promises of a decentralized ecosystem, the coin now trades around $0.34, down almost 90% from its highs. With investors facing heavy losses, attention has shifted to one key question: who actually owns Pi?

Blockchain tracker PiScan sheds light on this with its distribution data, showing the eight categories of holders that make up the Pi Network “rich list.”

Whales at the Top

At the very top are the whales. Just 22 wallets control over 10 million Pi each, with the largest address alone sitting on more than 377 million tokens — worth over $128 million at current prices. These few accounts represent extraordinary concentration in what was marketed as a people’s cryptocurrency. Speculation even ties some of these holdings to insiders or figures like Tron founder Justin Sun, who could be betting on a future exchange listing.

Sharks and Dolphins

Below them swim the sharks, a group of nearly 10,000 wallets holding between one and ten million Pi. Their balances are worth anywhere from $343,000 to $3.4 million, making them wealthy by crypto standards but still a step below the dominant whales.

The dolphins form a much smaller club. Only 356 wallets fall into this tier, with holdings ranging from 100,000 to one million Pi, worth up to $343,000.

Tunas and Fish

A slightly larger group, the tunas, hold between 10,000 and 100,000 Pi, or $3,400 to $34,000 at today’s prices. Over 224,000 wallets qualify as fish, with balances of 1,000 to 10,000 Pi. While more numerous, their holdings are far from substantial when compared to the upper tiers.

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Shrimps, Plankton, and Microbes

More than a million wallets are classed as shrimps, sitting on between 100 and 1,000 Pi. Plankton — about 1.18 million addresses — hold just 10 to 100 tokens. But the overwhelming majority of Pi users fall into the microbe category. An astonishing 13.4 million wallets, or 84.6% of all accounts, each contain fewer than 10 Pi — barely worth a few dollars.

A Concentrated Network

This distribution paints a stark picture. Despite years of promotion as a grassroots digital currency, Pi Network is heavily concentrated in the hands of a small number of whales and sharks. Meanwhile, most of the millions who mined Pi on their phones hold balances too small to benefit meaningfully, especially with the price languishing below $0.40.

The data raises difficult questions for the project. Unless Pi can deliver real adoption and broaden its utility, the gulf between its marketing as the “people’s crypto” and the reality of concentrated ownership may prove too wide to overcome.

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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