The native token of the popular yet controversial Pi Network has been witnessing noteworthy gains, particularly in the past 24 hours. Recent rumors of a significant upgrade scheduled for November 28 appear to be the driving force behind this surge.

PI on the Rise Again

Data from CoinGecko indicates that the price of Pi Network’s token briefly exceeded $0.25, currently hovering just below that mark. This marks a 6% increase within a day, and a 10% rise over the week.

PI Price, Source: CoinGecko

This price increase has led to PI’s market capitalization regaining the $2 billion mark, positioning it as the 61st largest cryptocurrency and overtaking the well-known meme coin Pepe (PEPE).

The most compelling catalyst for this surge appears to stem from a post by the unofficial X account Pi Network News. They suggested that Pioneers may encounter a “crucial moment” on November 28 due to a major upgrade anticipated on that date.

“A robust enhancement seems to be looming for the Pi ecosystem. Stay informed, stay proactive, and grasp the opportunity,” the rumor states.
“Nihayetinde, Pi ekosistemine yönelik sağlam bir geliştirme bekleniyor. Bilgili olun, proaktif kalın ve fırsatı değerlendirin.”

Comments on the post from X users showed confusion, as many were uncertain about the focus of the upgrade. Nevertheless, the message has sparked optimism among some, who indicated plans to invest in PI tokens.

Is This Rally Short-Lived?

It’s crucial to consider that the current excitement surrounding the upcoming update could wane, especially if the official Pi Network account does not provide clear information. Such a scenario might jeopardize this rally. Furthermore, with token unlocks on the horizon, there’s a chance that bear sentiment could reclaim the market.

In the next 30 days, approximately 180 million PI tokens are scheduled for release, with December 20 being notable for a significant unlock of 7.2 million tokens at once. This could present opportunities for some investors to offload their holdings, increasing the likelihood of selling pressure.

PI Token Unlocks, Source: piscan.io

Furthermore, PI’s Relative Strength Index (RSI) currently indicates that a potential correction might be imminent, as values above 80 often suggest that an asset is overbought. Currently, PI’s RSI indicates such an overbought status.

PI RSI

Note: The cryptocurrency sector remains exceptionally volatile; thus, participants are encouraged to conduct their own investigations before making investment decisions.