Pi Network's coin (PI) has shown a 12% increase in the last 24 hours, fueled by anticipation of a major project announcement.
Price Increase of Pi Network
The price of Pi Network's coin surged from $0.5308 to $0.6005 following several weeks of decline. This rise comes amid increased speculation ahead of Pi2Day, where a potential introduction of GenAI functionalities is expected. The heightened interest has also led to a 11% increase in daily trading volume.
Investor Concerns
Despite the price increase, many investors remain cautious. A major token unlock is set for July, with 268.4 million PI scheduled for release. This will be the largest unlock until October 2027, and historically, such events can lead to price drops. The token has already fallen 70% from its peak of $1.67 in May and is currently 82% below its all-time high of $2.98 from February.
Future of Pi Network
The closed mainnet of Pi Network adds to the uncertainty surrounding the project. It still lacks open trading and a clear roadmap for decentralization. Previous attempts to gain credibility, including co-founder Nicolas Kokkalis speaking at a GenAI panel in May, backfired, causing a 27% day crash. Traders are now pinning their hopes on potential technological advancements, but the rally may prove temporary unless significant progress is made on June 28.
The temporary recovery of Pi Network's price may be at risk if the expected event does not meet investors' hopes. The current situation remains unstable, and time for addressing key project issues is running out.
