Payout Today News: Whale accumulates 390 million coins, double bottom pattern targets $0.25

Whale holdings continue to increase this week, surpassing 391.5 million coins valued at $82 million, approaching the 400 million milestone. Technical indicators show a double bottom pattern and Wyckoff accumulation phase, with a key support level at $0.1942 holding firm, targeting $0.25. The Protocol 23 upgrade and the launch of DEX and AMM mainnets are expected to serve as catalysts.

Mysterious Whale Approaching 400 Million Milestone

(Source: PiScan)

Pi Network’s price has been consolidating throughout this year and has not been affected by recent crypto market rallies. As of January 7, its trading price is $0.21, well below the all-time high of over $3.60. However, the largest supporter of Pi continues to accumulate.

According to on-chain data, this mysterious whale has begun its accumulation for the year this week. On Monday, it transferred 313,565 PI tokens to a CEX, then moved 391,174 PI tokens from the CEX to a self-custody wallet. This accumulation pushes its total holdings over 391.5 million coins, worth over $82 million, making it the largest holder in the Pi ecosystem. This also suggests that the investor may hold 400 million coins in the coming months.

This whale might believe the token will rebound. The pattern of transferring tokens into a CEX and then out to a self-custody wallet indicates that the whale is not engaging in short-term trading on exchanges but is accumulating and transferring to cold storage for long-term holding. This behavior is typical of “smart money” accumulation strategies, contrasting sharply with retail panic selling.

However, on-chain data also shows conflicting signals. PiScan data indicates the current number of whales is 21, down from 23 last week. This means that although the largest whale is increasing holdings, two whales have exited or reduced holdings below the whale threshold. This divergence suggests differing outlooks within the whale community on Pi’s prospects, and not all large holders are optimistic about the future.

Data shows that PI’s 24-hour trading volume is $11 million, one of the lowest among the top 50 tokens by trading volume. Considering its market cap exceeds $1.76 billion, the trading volume appears insignificant. This low liquidity reflects Pi’s liquidity issues; large buy or sell orders could cause significant price swings.

Dual Catalysts: Protocol 23 Upgrade and DEX Launch

One possible reason for Pi’s rebound is the listing on one or more top-tier exchanges. Currently, Pi is only traded on exchanges like Gate, and a second round of exchange listings has not yet been initiated. If a new CEX announces the listing of Pi, it could bring substantial liquidity and exposure, potentially doubling the price in the short term.

Another potential catalyst is the upcoming Protocol 23 upgrade and the launch of DEX and AMM mainnets this year. While the launch itself is important, the key will be their activity and trading volume. If Pi’s DEX can attract significant liquidity and offer low slippage trading, it will greatly improve user experience within the Pi ecosystem. Currently, most users rely on centralized exchanges; the DEX launch will provide a decentralized trading option.

Three Major Catalysts for Pi’s Rebound

Protocol 23 Upgrade: Technical improvements could enhance network performance and user experience, boosting market confidence

DEX and AMM Mainnet Launch: Decentralized exchanges will provide more liquidity options, reducing reliance on centralized platforms

Listing on Top-tier Exchanges: If the largest compliant US crypto exchange lists Pi, it could generate explosive demand and liquidity

However, whether these catalysts can truly drive a price rebound depends on execution. Pi Network has repeatedly failed to deliver promised features and timelines, which has caused skepticism about its future commitments. Only when the DEX is truly launched and shows substantial trading volume will the market reassess Pi’s value.

Technical Indicators Show Double Bottom and Wyckoff Accumulation

(Source: Trading View)

Technical analysis indicates that Pi may soon experience a significant upward breakout in the short term. The current price is slightly above the key support at $0.1942, which was the lowest point on October 11, October 17, and December 16 of last year. The price has failed to break below this support, forming a double bottom pattern. The double bottom is a classic bullish reversal pattern, indicating that selling pressure at this level has been absorbed and buying is gaining momentum.

The token is also in the Wyckoff accumulation phase. Typically, after this phase, an upward trend follows, with prices often rising parabolically. The price surge of Zcash in Q4 is a good example, as it had been consolidating for years prior. Wyckoff’s market cycle consists of four phases: accumulation, markup, distribution, and markdown. Pi is currently in the late stage of accumulation; if it transitions smoothly into the markup phase, significant gains could follow.

Therefore, as long as Pi’s price stays above the critical support at $0.1942, the outlook is bullish. Maintaining above this level could see the price rise to $0.25, representing about 19% upside from current levels, attractive to risk-tolerant investors.

A break below this support would signal further downside, indicating that bears have gained control. Failure of the double bottom pattern often leads to accelerated declines, as traders relying on the pattern will quickly cut losses. The next support level could be around $0.15, a deeper psychological support.

For Pi investors, this is a critical observation period. The continued accumulation by whales provides confidence, and the double bottom and Wyckoff accumulation suggest a potential rebound. However, low trading volume, decreasing whale counts, and past project execution issues are risks that cannot be ignored.