Unveiling of Pi Network's Major News - It's Not a Listing on Binance

Last week, the team behind the Pi Network dropped hints of an impending announcement that led to speculations of a possible Binance listing. Contrary to these rumors, the actual announcement turned out to be a $100 million initiative to invest in startups, causing an immediate slump in the token's price after a recent surge.

The initiative, known as Pi Network Ventures, will fund startups and businesses that foster the real-world adoption of the Pi token. The announcement received mixed reactions, with some lauding it as a significant step for the Pi ecosystem while others criticized it as another plan without concrete achievements.

The build-up to the announcement saw the token's price almost triple in less than a week, only to plummet by 50% from its peak after the announcement.