Pi Network's native token surged 6% in 24 hours and 10% over the past week, briefly touching $0.25 as the mobile-first cryptocurrency project's community buzzes with speculation about a potential November 28 upgrade - though the rumored milestone lacks official confirmation from the Pi Core Team.
The price spike pushed PI's market capitalization back above $2 billion, placing it as the 61st-largest cryptocurrency and temporarily flipping meme coin Pepe (PEPE), according to CoinGecko data. PI currently trades around $0.246 with 24-hour volume of $33.4 million, representing a 27% surge in trading activity.
The rally appears driven primarily by posts from unofficial community accounts speculating about a "pivotal moment" for Pi Network on November 28. However, the Pi Core Team has not issued any official statement confirming a major upgrade for that specific date, raising questions about whether the enthusiasm is built on verified information or community speculation.
What Happened
Speculation intensified after posts from unofficial X accounts including "Pi Network News" claimed November 28 would mark a transformative update for the ecosystem. "A robust enhancement seems to be looming for the Pi ecosystem. Stay informed, stay proactive, and grasp the opportunity," one widely-circulated post stated.
Community discussions suggest the date may align with several regulatory and technical milestones, including MiCA compliance windows, ISO 20022 financial messaging updates, and Q4 banking system integration schedules. Some Pi supporters view November 28 as a strategic convergence point where multiple financial and regulatory frameworks intersect.
However, Pi Network's recent confirmed updates focus on different timelines. On November 16, the Core Team announced a major upgrade to Pi App Studio, introducing capabilities for developers to download source code and re-upload custom edits. The platform evolved from a simple low-code tool to a hybrid development environment combining accessibility with professional coding capabilities.
Pi Network also released a MiCA compliance whitepaper on November 19, positioning the project for potential listings on regulated European exchanges. The document emphasizes Pi's non-custodial wallet design and exceptionally low energy consumption of 0.0024 TWh annually - 99.9% less than Bitcoin's 185 TWh.
The protocol v23 upgrade, which introduces decentralized KYC and smart contract compatibility, remains in testing on Testnet with Mainnet integration targeted for Q4 2025 or Q1 2026, according to Pi Network's roadmap. This represents the final technical milestone before full Open Mainnet functionality.
Read also: Pi Network Founders Emerge as Token Drops 50% in September Price Crash
Why It Matters
The price rally occurs against a backdrop of significant technical development but also mounting supply pressure. Pi Network faces one of its most challenging periods with token unlocks scheduled to release approximately 180 million PI over the next 30 days, with December standing out as particularly significant.
According to multiple sources, Pi Network's unlock schedule shows 170 million tokens set for release in December 2025, representing the largest single-month unlock. Combined with daily migrations adding 3-5 million tokens to circulation, the expanding supply creates downward price pressure unless matched by increased utility and demand.
Pi Network currently has 8.3 billion PI in circulation from a maximum supply of 100 billion tokens, with the Effective Total Supply calculated by dividing Migrated Mining Rewards by 65% to account for foundation reserves, liquidity pools, and Core Team allocations.
Technical indicators suggest the rally may face headwinds. PI's Relative Strength Index currently stands above 80, indicating overbought conditions and potential for a pullback. RSI readings above 80 typically signal that an asset may be overextended and due for consolidation.
The token trades within a symmetrical triangle pattern between $0.2127 support and $0.2317 resistance. Technical analysts note that if PI breaks above $0.2535 resistance, it could trigger a 36% upside toward $0.30. However, failure to maintain support could expose prices to deeper corrections.
Pi Network launched its Open Mainnet on February 20, 2025, transitioning from the Enclosed Mainnet phase. The project has attracted millions of users through mobile-based mining, positioning itself as an accessible entry point into cryptocurrency for non-technical users. Over 3.36 million users have completed KYC verification, with the network operating 350,000+ active nodes.
Final Thoughts
While Pi Network has made legitimate technical progress with its App Studio upgrade, MiCA compliance documentation, and protocol v23 development, the November 28 speculation highlights the challenges facing community-driven projects where unofficial accounts can significantly influence market sentiment without verified information from official sources.
The absence of a formal Core Team announcement about November 28 suggests traders should approach the date with caution. Previous instances where community speculation outpaced official roadmap execution have resulted in disappointment when anticipated milestones failed to materialize.
Pi Network's success ultimately depends on execution of its technical roadmap - including smart contract integration, DEX launch, and token creation tools - rather than speculative dates circulating in community channels. The project's partnership with OpenMind for AI-powered decentralized computing and launch of Gargoura Digital Bank on Testnet represent concrete steps toward building real-world utility beyond speculation.
With approximately 170 million tokens scheduled to unlock in December and PI trading near overbought technical levels, the next 30 days will test whether Pi Network's ecosystem development can absorb expanding supply while maintaining price stability. The project trades at $0.246, down more than 99% from speculative "GCV value" rumors that the community has since debunked, underscoring the importance of distinguishing between verified developments and community speculation.
Investors should monitor official Pi Core Team channels for authenticated updates rather than relying solely on unofficial community accounts, especially given Pi Network's history of gradual, methodical development rather than sudden surprise announcements.
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