Binance Watch: Pi Network’s PI Token Dives 20% as Mysterious Whale Scoops Up Millions
Pi Network's native token PI has experienced a sharp 20% weekly decline, hitting a record low of $0.34 amid broader crypto market weakness. Despite the sell-off, on-chain data reveals a mysterious whale address 'GAS...ODM' has accumulated 350 million PI tokens, becoming the network's sixth-largest holder. This unusual accumulation pattern during price weakness suggests potential strategic positioning, drawing parallels to historical whale behavior observed in Binance-listed assets during market downturns. The PI token's volatility and whale activity highlight emerging dynamics in altcoin markets as investors watch for signs of accumulation phases that often precede major rallies in the cryptocurrency space.
Pi Network’s Price Plummets by 20% Weekly, but Mysterious Whale Accumulates Millions
Pi Network's native token PI has faced significant selling pressure, dropping 21% this week to a record low of $0.34 before a slight recovery. The downward trend mirrors broader crypto market weakness, but on-chain data reveals unusual accumulation patterns.
A whale address labeled 'GAS...ODM' has amassed 350 million Pi tokens during the price decline, becoming the sixth-largest holder. Market observers note the wallet's activity coincides with PI's RSI entering oversold territory and declining exchange balances - technical signals that often precede rebounds.
Speculation about the whale's identity ranges from foundation-related entities to exchange accumulation. Binance remains a focal point after community members detected unusual activity in its hot wallets last month. Some traders anticipate potential exchange developments around August 15.
Binance Alpha New Listing Includes Fireverse (FIR): Airdrop Nears
Fireverse, an emerging player in the Web3 music ecosystem, has captured market attention with its upcoming listing on Binance Alpha. The platform's native token, FIR, will be eligible for an airdrop as part of the launch campaign.
The MOVE signals Binance's continued efforts to onboard innovative Web3 projects, particularly those bridging decentralized technology with mainstream entertainment verticals. Music-focused blockchain initiatives have gained traction recently, with several major platforms exploring tokenized royalty structures.
3 Altcoins Poised for All-Time Highs in August
BNB leads a select group of altcoins demonstrating remarkable resilience amid market volatility. The Binance ecosystem token hovers just 12.3% below its peak, buoyed by consistent DeFi growth and technical strength.
Technical analysis reveals critical support at $731, with a breakout above $762 potentially propelling BNB toward uncharted territory between $800-$861. The token's year-to-date performance stands out, having never retreated more than 30% from record highs—a testament to its robust ecosystem fundamentals.
Retail Traders Fuel Binance Sell-Off as Net Taker Volume Hits $1.5B Low
Binance's net taker volume turned sharply negative this month, plunging below $1.5 billion as retail traders dominated sell-side activity. The metric—which reflects the balance between aggressive buyers and sellers—signals mounting liquidation pressure amid Bitcoin's drop below $114,000.
Derivatives markets flashed warning signs as BTC funding rates dipped into negative territory, revealing bearish sentiment among Leveraged traders. A growing divergence emerged between resilient spot prices and weakening futures positioning, suggesting institutional holders may be absorbing retail-driven selling pressure.
Liquidation heatmaps confirm forced long unwinds accelerated the downturn. "Panic-selling often marks local bottoms," noted CryptoQuant analyst Amr Taha, suggesting the sell-off could represent a cyclical reset rather than structural weakness.
