In a surprising rebound, the Pi Network coin ($PI) witnessed a 13% price increase over the past 24 hours, surging from $0.5308 to $0.6005 following a prolonged period of market decline. This uptick arrives amid growing speculation surrounding the upcoming Pi2Day event on June 28, where the Pi Core Team is expected to unveil new ecosystem developments, including potential GenAI integration.
The renewed excitement has led to an 11% spike in trading volume, reflecting revived interest among traders. However, the bullish movement is tempered by apprehension over an impending token unlock scheduled for July, when approximately 268.4 million PI tokens will be released—the most substantial unlock until late 2027.
Historically, large token unlocks tend to trigger sharp market corrections, and with Pi already having fallen 70% from its May high of $1.67, confidence remains fragile. The coin is still trading 82% below its all-time peak of $2.98 recorded in February.
The lingering uncertainty surrounding the project’s roadmap continues to plague investor sentiment. Pi Network’s mainnet remains closed, limiting access to open trading and leaving many doubting the project’s trajectory toward decentralization.
Previous efforts to enhance credibility, such as co-founder Nicolas Kokkalis speaking at a GenAI industry panel in May, failed to stabilize the market. In fact, that appearance coincided with a significant one-day price drop of 27%.
Market observers now await the June 28 announcement with a mix of hope and caution. While the latest rally is encouraging, analysts warn that unless the team delivers substantial technological advancements, the gains may prove fleeting.
At present, Pi’s momentum appears fragile, and a lackluster reveal could spark yet another downward spiral in investor confidence.
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