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Pi Network (PI) Price Drops 13% After $100M Ecosystem Fund Announcement
Pi Network (PI) Price Drops 13% After $100M Ecosystem Fund Announcement
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[TRADE_PLUGIN]PIUSDT,PIUSDT[/TRADE_PLUGIN]
PI News -
Pi Coin (PI) dropped sharply to $1.06, wiping out 35% of its weekly gains as its market cap fell from $10 billion to $7.5 billion. The decline followed Pi Network Ventures’ launch of a $100 million fund aimed at supporting retail and finance startups on its blockchain.
Traders executed a classic ’buy the rumor, sell the news’ strategy, taking profits after pre-announcement speculation. Despite the ambitious scope of the ecosystem fund, it failed to maintain bullish momentum in the market.
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