On July 15, 2025, an unidentified wallet labeled "ODM" withdrew 2.8 million PI tokens from OKX exchange, amassing over 315 million PI tokens total. This triggered immediate market volatility, with PI's price surging to a local high of $1.60 and its market capitalization briefly exceeding $10 billion.
The coordinated accumulation pattern fueled rampant speculation within the Pi Network community about a potential token buyback initiative, drawing parallels to historical pre-launch accumulation activities observed with assets like BNB and UNI. Despite the significant market reaction—including temporary price instability and renewed investor interest—neither Pi Network's leadership nor OKX provided official comments validating the buyback rumors.
Analysts noted the event's resemblance to past crypto accumulation trends but emphasized heightened uncertainty due to the wallet's anonymity and lack of regulatory/exchange statements. Market observers warn of ongoing volatility, linking short-term price dynamics directly to the ODM wallet's actions while cautioning that long-term stability hinges on Pi Network's transparency regarding the holdings.