Interest in Pi Network has plummeted just weeks before the project's self-proclaimed community holiday, Pi2Day, scheduled for June 28.
The drop raises fresh doubts about the project's momentum, despite a wave of speculation and unconfirmed rumors.
Pi2Day was expected, but the reality was bleaker
The Pi Network community is keeping an eye on Pi2Day with just over three weeks to go, with the promise of big announcements from the network.
“Are you excited for Pi2Day? Many big updates are coming your way. Mass migration will also start in a few days,” Pi Network Alerts shared in a post.
Meanwhile, according to Google Trends data, global search interest for “Pi Network” has dropped to just 5 points. Notably, this is the lowest level in 2025 and lower than the level before the project’s closed mainnet launch.
Global search interest for “Pi Network” | Source: Google Trends
This signals fading public curiosity and could indicate increasing difficulty in attracting new users to the ecosystem.
The waning visibility reflects a significant collapse in trading activity on unofficial markets. Pi Coin’s daily trading volume has plummeted 97% in less than a month. Specifically, according to CoinMarketCap data, volume has dropped from over $2 billion in mid-May to just $56 million as of June 4.
However, amid the downturn, some KOLs in the Pi community still cling to the hope that Pi2Day will breathe new life into the project.
The annual celebration on June 28, which coincides with Elon Musk's birthday, has become a magnet for wild speculation.
“Hot Rumor: Binance Might List Pi Coin on Pi2Day (June 28)? If True, This Could Mark a Historic Milestone for Pi Network!” CryptoLeakVN posted on X, sparking a wave of discussion on social media.
Anonymous Pi Network supporter Pi Queen added to the hype by suggesting a fictional tie-in based on the coincidence of Pi2Day with Musk's birthday.
“Just imagine… Tesla x Pi Network Elon says “Yes” to Pi. Charge your car with mined energy. Pay with Pi. Live with Pi,” she wrote.
Rumors of Binance listing and Tesla integration are just speculation
Despite the enthusiasm, there has been no official announcement from Binance exchange or Pi Core Team about any major listings or partnerships. It is impossible to forget how elusive a Binance listing remains for Pi Network’s PI Coin.
However, there are growing voices within the controversial Pi Network community calling for caution and a return to reality. Dimas Nawawi, an outspoken Pi developer and GCV advocate, has offered a thoughtful technical assessment.
“Pi Nodes still need a protocol upgrade and the Core Team has not selected nodes for mainnet. There are only a few dozen active mainnet nodes out of over 200,000 nodes ready for mainnet,” Nawawi stated.
According to Nawawi, smart contract deployment and a fully decentralized network remain out of reach unless major protocol upgrades are completed, namely moving from version 19.6.1 to at least version 20.
“To run smart contracts, at least a protocol update to version 20 is required,” he noted.
He also warned that recent community-led efforts, such as the “Urgent GCV” movement advocating for immediate adoption of global transformative value (GCV), are doomed to fail without the core infrastructure in place.
“GCV will win without having to beg for “Urgent GCV” through the Community Movement,” he said, emphasizing the importance of patient development rather than hype-driven timelines.
Pi2Day may bring announcements. However, the current Pi Network playground paints a picture of declining public interest, weak market performance, and unfounded expectations.
Unless the Pi Core Team makes concrete progress, June 28 risks being another disappointment for the project’s millions of users. Many remain skeptical that the long-promised open mainnet will ever launch.
Pi 4 Hour Price Chart | Source: Tradingview
At the time of writing, Pi is trading at $0.64, down 1.04% over the past 24 hours.
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