Driven by GenAI Issues, Pi Network Rises 5% but Overshadowed by Giant 'Token Unlock'

The price of Pi Network (PI) token provided a slight relief for its supporters with a rise of about 5% on Tuesday. This short-term spike was triggered by market speculation after the core team of the project hinted at the possibility of integration with Generative AI (GenAI) technology, the details of which will be announced during the "Pi2Day" celebration on June 28.

However, behind this temporary increase, the fundamentals of Pi Network still present a grim picture. The current price of PI is still down about 70% from its peak in May and has plunged 82% from its all-time high. The project is still operating on a Closed Mainnet, with no clarity on when it will be opened to the public.

The biggest concern comes from the upcoming token unlock schedule. Data shows that approximately 268 million PI tokens will be unlocked in July, a event that could potentially add massive selling pressure to the market. Given this situation, many analysts agree that the current rally is very fragile and is likely just "walking on air" from momentary euphoria, not based on solid fundamental strength.#PiNetwork $BTC