Pi Network coin’s ($PI) price surged 12% in the last 24 hours, with prices climbing from $0.5308 to $0.6005 after several weeks of decline. This bounce comes amid increasing speculation of a major announcement on June 28, Pi2Day, when the Pi Core Team is expected to introduce possible GenAI functionality to the ecosystem.
The GenAI hype has created a new interest, increasing the daily trading volume by almost 11%. Nevertheless, investors are still wary. This is followed by a huge unlock of tokens in July, when 268.4 million PI will be released, the largest unlock of tokens in the project until October 2027.
This could spell trouble. Token unlocks often lead to price drops, especially when confidence is already shaky. Pi has already plunged 70% since its May peak of $1.67, and it’s still 82% below its all-time high of $2.98 from February.
Adding to the uncertainty is Pi Network’s closed mainnet. Despite years of hype, the project still lacks open trading and a clear roadmap for decentralization. Earlier attempts to drum up credibility, including co-founder Nicolas Kokkalis speaking at a GenAI panel in May, backfired, triggering a 27% one-day crash.
Traders are now gambling on hope as another big announcement is in the cards. However, the rally can be temporary unless there is actual technological advancement. Another agonizing plunge might be experienced by PI in case June 28 delivers more empty promises. At the moment, the comeback of Pi appears to be weak, and time is running out.
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