Pi Network Surges 5% as Traders Anticipate June 28 Protocol Update

Pi's price jumps ahead of what insiders call a 'make-or-break' network upgrade—because nothing pumps a token like vague promises of future utility.

The hype train leaves the station

Mining app converts and crypto speculators are piling into Pi ahead of its long-promised mainnet transition. The 5% bump smells like classic buy-the-rumor action—though skeptics note the 'major update' could just mean another delay dressed as progress.

When moon? Soon™

Three days until D-Day, and the Pi core team's silence speaks volumes. Either they're preparing a revolutionary blockchain breakthrough...or yet another roadmap extension. Either way, bagholders win—until they don't.

Fun fact: This 5% rally still leaves Pi 92% below its ATH from when people thought mobile mining was the next Bitcoin. Ah, 2021—when retail investors would FOMO into anything with a whitepaper and a Telegram group.

GenAI hype vs. unlock reality: can Pi Network sustain its rally?

The recent 5% bounce in Pi Network’s price hinges almost entirely on speculation, specifically the Pi Core Team’s vague teaser about a potential GenAI integration. The timing is notable: the announcement is set for June 28, known as “Pi2Day” within the community, just weeks before 268.4 million PI tokens flood the market in July.

How is GenAI related to PI Network? Why did one of two Pi Founders, Nicolas Kokkalis, participate in a GenAI panel at Consensus 2025? Answer on Pi2Day (6.28.2025)

268.4 million PI tokens being released into the market WOULD mark the project’s largest monthly token release until at least October 2027. If history is any guide, such unlocks often trigger sell-offs, especially when investor confidence is shaky.

While traders seem to be betting on the optimism, evident by Pi Network’s 3.96% surge in 24-hour trading volume, the token is still reeling from a 70% collapse since its May peak of $1.67, a drop that began the same day Pi co-founder Nicolas Kokkalis appeared on a GenAI panel at Consensus 2025.

The May event, which was ironically meant to bolster credibility, instead sparked a 27% single-day crash, suggesting the market is increasingly skeptical of hype disconnected from tangible progress.

Worse, despite the recent uptick, PI remains 82% below its all-time high of $2.98, set in February, a grim reminder of how far the token has fallen from its speculative frenzy earlier this year.

Pi Network still operates on a closed mainnet, with no clear timeline for full decentralization or open trading. While the GenAI narrative has buoyed other projects this cycle, PI’s lack of utility and delayed roadmap make it vulnerable to “buy the rumor, sell the news” behavior.

For now, traders are playing a risky game. The June 28 announcement could either reignite bullish momentum, if it delivers real tech, or accelerate another sell-off if it’s another vague promise. Either way, with millions of tokens about to hit the market, Pi Network’s recovery looks fragile at best.