- Pi Network has seen its price drop over 88% since its mainnet launch, with minimal real-world adoption and app activity.
- A few “Pi whales,” including possibly insiders and the Pi Foundation, hold the majority of coins.
Since its mainnet launch in February, Pi Network has faced a sharp decline, with the coin trading at $0.34 on Thursday—down over 88% from its all-time high. Despite the drop, curiosity about Pi coin holders remains strong, particularly those with massive stakes in the network.
ALSO READ:Pi Network Reaches 12 Million Mainnet Users as Protocol 23 Upgrade Nears
What is Pi Network?
Pi Network was launched in 2018 to solve Bitcoin’s main challenges, primarily the complexity and high cost of mining. Unlike Bitcoin, Pi allows users to mine coins directly from their smartphones, making it accessible to a broader audience.
Beyond mining, the developers aimed to create a functional cryptocurrency ecosystem. They introduced the Pi Ad Network, Pi App Studio, and Pi AI Studio to help developers monetize apps and create applications. Pi also implemented Know Your Customer (KYC) procedures to enable pioneers to transfer mined tokens to the mainnet.
Despite these innovations, Pi has largely fallen short of expectations. The network’s ecosystem is thin, with minimal app activity, and no major company accepts Pi for payments. Many early adopters hoped for a thriving cryptocurrency with real-world utility, but Pi has yet to deliver on these promises.
Pi Network’s Rich List
Data from PiScan reveals the top holders of Pi coins, often referred to as “Pi whales.” Ten wallets hold over 10 million Pi coins each, valued at $3.4 million and above. The largest single holder possesses more than 377 million coins, worth over $128 million.
The identity of this whale remains anonymous, though speculation points to Justin Sun, founder of Tron. Sun could be buying Pi in anticipation of future listings on exchanges like HTX. Other top holders include the Pi Foundation, a relatively obscure entity likely controlled by founders Nikkolas Kokkalis and Chengdiao Fan.
Additional data shows four anonymous wallets each hold 100 million coins, with other large wallets holding 30.1 million and 21.4 million coins. Beyond the whales, roughly 10,000 accounts hold between $343,800 and $3.4 million in Pi coins, and 356 accounts hold between $34,380 and $343 million.
While Pi Network continues to attract attention due to its unique mining model and potential, most of its coins remain concentrated in a few wallets. For regular holders, the significant imbalance in coin distribution highlights both the risks and speculative nature of investing in Pi.
MIGHT ALSO LIKE:Why Pi Network Could Collapse in 2026 and Are Investors Ready?
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.