Since the mainnet launch in February, Pi Network tokens have experienced significant price fluctuations. With the current value around $0.34, investors are facing losses and questioning who owns the tokens.
Who Are the Whales?
At the top of the ownership list are the so-called 'whales.' Just 22 wallets control over 10 million tokens each, with the largest wallet holding more than 377 million tokens — worth over $128 million at current prices. This concentration of ownership raises questions about transparency and accessibility of the cryptocurrency marketed as 'the people's crypto.' Speculation also ties some of these holdings to insiders or prominent figures in the industry, such as Tron founder Justin Sun.
Sharks and Dolphins
Below the whales are the 'sharks,' a group of nearly 10,000 wallets holding between one and ten million tokens. Their balances range from $343,000 to $3.4 million, making them wealthy by cryptocurrency standards, but still below the whales. The 'dolphins' represent a much smaller group, with only 356 wallets holding between 100,000 and one million tokens, worth up to $343,000.
Small Holders and Concentration
A slightly larger group, known as 'tunas,' hold between 10,000 and 100,000 tokens, or $3,400 to $34,000 at today's prices. The most numerous are the 'fish,' with over 224,000 wallets possessing between 1,000 and 10,000 tokens, which, while numerous, comprise a small fraction compared to higher tiers. Meanwhile, the 'shrimps,' 'plankton,' and 'microbes' make up the largest portions of wallets, with a staggering 84.6% of accounts each holding fewer than 10 tokens.
The distribution of Pi Network tokens reveals a significant concentration among a small group of owners, raising doubts about its image as a people's cryptocurrency. This highlights the need for genuine adoption and utility expansion; otherwise, the gap between marketing and reality may prove insurmountable.
