Pi Network Tested in June as Whale Holdings, Upgrades Loom

Pi Network begins June with one wallet holding over 400 million PI while the token trades near $0.143. Daily token unlocks average about 6.5 million PI and three protocol upgrades are scheduled this month.

The largest single PI address, tracked on-chain as “GAS…ODM,” crossed the 400 million token threshold after adding more than 1.5 million PI in a single day. On-chain records show the address added tokens on a near-daily basis through May. The owner of the wallet has not been disclosed.

Tagged exchange wallets hold about 545 million PI in total. On-chain data shows a net inflow of roughly 1.5 million PI to those exchange-tagged addresses over the past 24 hours.

Daily unlocks of about 6.5 million PI translate to roughly $29 million in new supply at the current price level. Those unlocked tokens are scheduled to enter circulation through June under the existing token release schedule.

PI’s daily price chart shows lower lows since a February peak. The token is trading just above its all-time low of $0.1296 and trading volume declined through May. The Moving Average Convergence Divergence, or MACD, on the daily timeframe has crossed from negative to positive several times in the past eight months and was followed by price gains in some cases. Crosses on Oct. 17 and Nov. 16, 2025 corresponded with gains of 53.56% and 30.39% respectively. A February 13 crossover corresponded with a 122.07% gain, and an April 15 crossover preceded a 21.36% gain. A December 20 signal did not produce a sustained rally. A fresh MACD crossover is setting up for early June. The average gain after prior successful MACD crosses is 55.65%, which would lift PI to about $0.22 based on current prices; that level aligns with the 0.382 Fibonacci retracement of the broader downtrend.

Pi Network has scheduled three protocol releases in June. Mainnet nodes must complete Protocol 24 upgrades by June 2 to remain connected. Protocol v25.1 is scheduled for June 8, and Protocol v26.0 is scheduled for June 22. Pi Network notified node operators: “All Mainnet nodes are required to complete this step before the deadline to remain connected to the network.”

Mainnet activity figures reported by the project include 18.1 million verified users, 16.72 million first migrations and more than 119,000 second migrations completed. These numbers reflect ongoing KYC verification and migration activity as the network progresses through mainnet development.

Ownership of the largest wallet remains undisclosed.