Pi Network’s Hype Deflates Like a Sad Balloon Before Pi2Day

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Interest in Pi Network has taken a nosedive just weeks before its self-proclaimed community holiday, Pi2Day, set for June 28. What a surprise!

This sudden drop raises fresh doubts about the project’s supposed momentum, despite the whirlwind of unconfirmed rumors and wild speculation swirling around it.

Pi2Day: Promises, Dreams, and… Reality

The Pi Network community is buzzing with anticipation for Pi2Day, barely three weeks away. Big announcements are promised, as always. What could possibly go wrong?

“Are you excited for Pi2Day?? Big updates are coming your way. Mass Migration is going to start in a few days,” Pi Network Alerts posted. Of course, no one has confirmed what this actually means.

Yet, according to Google Trends, the global interest in “Pi Network” has fallen to a measly score of 5. This is the lowest point for 2025, even lower than before its mainnet was supposed to launch. Ouch.

This signals the slow death of public curiosity, and perhaps signals the ever-increasing difficulty in attracting new users to the network. But who cares, right?

Meanwhile, the decline is also reflected in trading activity on unofficial markets. IOU token volumes have collapsed by a jaw-dropping 97% in under a month. From $2 billion in mid-May to a pitiful $56 million by June 4. No one’s buying what they’re selling anymore.

And yet, some Pi Network influencers hold on to the faint hope that Pi2Day will breathe new life into the project. You know, like a defibrillator for a corpse.

The annual event on June 28, coincidentally aligning with Elon Musk’s birthday, has attracted wild and unhinged speculation. Maybe this year will be different—maybe.

“Hot rumor: Binance might list Pi Coin on Pi2Day (June 28th)? If true, this could mark a historic milestone for the Pi Network!” posted CryptoLeakVN on X. Ah yes, the almighty Binance. The holy grail of crypto hype.

Then, Pi Network’s self-proclaimed queen, Pi Queen, jumped on the bandwagon and spun her own fairy tale. It’s almost too good to be true.

“Just imagine… Tesla x Pi Network. Elon says YES to $Pi. Charge your car with mined power. Pay in Pi. Live on Pi,” she wrote. Right. And I’ll ride a unicorn to work too.

Binance Listing, Tesla Integration… Dreams or Delusions?

Despite the fervor, no official word has come from Binance or the Pi Core Team about any listings or partnerships. Binance, the elusive entity, continues to ignore Pi’s calls. Classic.

But even as optimism spreads like wildfire, there’s a growing chorus of voices calling for realism, and possibly a bucket of cold water to douse this feverish fantasy. Dimas Nawawi, a Pi developer, shared a sobering technical assessment.

“Pi Nodes still need protocol upgrades and CT has not yet selected Nodes for Mainnet. Only dozens of Mainnet Nodes are active out of over 200,000 Nodes ready for Mainnet,” Nawawi said. In other words, everything’s a mess. Keep dreaming.

According to Nawawi, the dream of smart contracts and a fully decentralized network will remain just that—dreams—until the necessary protocol upgrades are completed. And moving from version 19.6.1 to 20? Not a small task. But hey, who needs smart contracts anyway?

“To run Smart Contracts, at least the Protocol update to version 20 is required,” he emphasized. Just a casual technical roadblock standing between us and the promised land.

And as for the community’s desperate “Urgent GCV” movement? Nawawi poured cold water on that too, suggesting it’s nothing more than a waste of energy.

“GCV will win in an elegant way… without begging for ‘Urgent GCV’ through Community Movement,” he said. In other words, stop shouting, and let’s get some real work done.

Pi2Day could still bring announcements, but at this point, who really believes in this fairy tale? Unless the Pi Core Team delivers tangible progress, June 28 risks being just another letdown in a long list of disappointments.

The open mainnet is still MIA. Will it ever arrive? Only time will tell. And judging by the current state of things, it’s not looking great.

BeInCrypto data shows Pi Network’s PI Coin was trading for $0.64 as of this writing, down 0.4% in the last 24 hours. At this rate, we might be looking at a negative value next week. 📉

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2025-06-05 09:44