Pi Network Jumps 13% as Pi2Day Hype Builds - GenAI Speculation Fuels Rally

Pi Network (PI) surged 12% over the past day, rebounding from $0.5308 to $0.6005 after prolonged declines. This recovery aligns with growing excitement for the upcoming Pi2Day event on June 28, where the Pi Core Team might announce GenAI integration—a prospect that has already driven an 11% increase in daily trading volume despite persistent market skepticism.

Investors face a critical test in July when 268.4 million Pi tokens become unlocked. Historical data shows such events often trigger price declines, especially for struggling assets. PI currently trades 70% below its May high and remains 82% down from its February all-time high of $2.98.

The project's closed mainnet continues to raise questions. After years of development, PI Network still lacks open trading capabilities or a clear decentralization plan. A recent GenAI panel appearance by co-founder Nicolas Kokkalis backfired, causing a 27% single-day crash.

The market now confronts a make-or-break scenario: either the Pi2Day announcement delivers meaningful technological breakthroughs, or this rally will join Pi Network's history of short-lived recoveries followed by deeper corrections.