#BinancePizza
Pi Network Releases Startup Fund of Rp1.6 Trillion, PI Token Plummets 33%
Pi Network recently announced the launch of Pi Network Ventures, an investment fund worth US$100 million or around Rp1.6 trillion, aimed at supporting startups building technology on the Pi ecosystem. However, instead of boosting market optimism, this announcement was followed by a decline in the price of Pi Coin (PI) by more than 33% in the past week.
Several reasons have now become the source of this price drop, including the classic phenomenon of buy the rumor, sell the news, where the price of PI recorded a spike when rumors about this launch began to circulate. However, when the official announcement was released, many PI token holders immediately took profits and sold their tokens.
Additionally, community expectations also seem to have gone unmet. Most investors hoped for a more market-shaking announcement, such as an official listing on global exchanges like Binance or Coinbase. Other hopes included token burns, which could reduce supply and mitigate potential selling pressure. Unfortunately, neither of these two hopes materialized, leaving many feeling disappointed.