Key Takeaways:
- PI surged 12% amid GenAI integration rumors tied to the upcoming Pi2Day on June 28.
- A July unlock of 268.4 million PI could flood the market and suppress prices.
- Without a decentralized mainnet or clear roadmap, Pi’s bounce may be short-lived.
Pi Network’s native token, PI, saw a sharp 12% price jump in the past 24 hours, climbing from $0.5308 to $0.6005. The rebound follows weeks of steady decline and comes as investors speculate about a possible game-changing announcement set for June 28, also known as Pi2Day. The Pi Core Team is expected to unveil GenAI functionality that could be integrated into the ecosystem.
However, despite the rally, skepticism remains high among traders due to past disappointments and an upcoming token unlock that threatens to dilute the market.
GenAI Hype Fuels Trading Volume and Price Bounce
The latest price surge coincides with increased excitement around artificial intelligence. Pi Network has teased a potential GenAI integration during its Pi2Day celebrations. This speculative narrative has spurred an 11% increase in daily trading volume, indicating growing investor attention.
In May, Pi Network co-founder Nicolas Kokkalis appeared at a GenAI panel, an effort seen as an attempt to align the project with trending AI themes. However, the event failed to instill confidence and instead triggered a 27% drop in PI’s price in a single day. The upcoming June 28 announcement now represents a critical test for the project’s credibility.
Massive Token Unlock in July Raises Red Flags
Despite the short-term rally, long-term price pressure looms. In July, Pi Network is scheduled to unlock 268.4 million PI tokens—its largest release until October 2027. Historically, token unlocks often lead to price drops as supply outpaces demand, especially when market sentiment is fragile.
Since its May peak of $1.67, PI has plunged over 70% and remains down 82% from its February all-time high of $2.98. Traders are bracing for another potential correction if the GenAI reveal falls short of expectations.
Closed Mainnet and Delayed Roadmap Fuel Investor Skepticism
Adding to the uncertainty is Pi Network’s ongoing mainnet closure. Years after launch, the platform still lacks an open trading system and a clear path toward decentralization. Without meaningful technical progress, investor patience is wearing thin.
Also Read: Pi Coin Price Rebounds as Pi Network Grows
While the GenAI narrative may offer a temporary boost, many traders believe the rally won’t last unless Pi Network can deliver real functionality. Any hint of delay or ambiguity in the June 28 announcement could send PI plunging once again.
While Pi Network’s PI coin has staged a notable recovery, major risks remain. Investors are cautiously watching for the June 28 Pi2Day update, but the upcoming token unlock and continued lack of transparency may limit long-term momentum.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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