The price of Pi Network (PI) has surged by 5% after a significant 70% drop since May. This rebound is associated with an upcoming announcement from the Pi Core Team.
Brief Price Recovery
According to CoinMarketCap data, the price of Pi Network shot up by nearly 5% on June 23, marking an attempt at recovery after weeks of sell pressure. The token climbed from a daily low of $0.5126 to $0.552 amidst speculations regarding potential GenAI integrations.
Speculation on GenAI and Upcoming Announcement
The recent price bounce of Pi Network hinges largely on speculation. The Pi Core Team hinted at a potential GenAI integration announcement on June 28, known as 'Pi2Day', raising questions about whether these intriguing ideas have any tangible foundation.
Market and Supply Pressure
With 268.4 million PI tokens set to release into the market in July, a sell-off could occur. Although trading volumes are increasing, underlying concerns about investor confidence and the sustainability of this dynamic remain. Despite the recent uptick, the token is still 82% below its all-time high of $2.98.
At this juncture, Pi Network's future price hinges on the June 28 announcement. Success or failure in delivering real technology could either reignite investor interest or trigger another wave of sell-offs.
