What happened?
The Pi Network’s cryptocurrency price dropped by 3.5% in the last 24 hours, falling to $0.7343 as the overall market saw a 3% decline. Over the past week, the token decreased by 53%, despite having a 24% increase over two weeks and a 13% rise over the last month. However, there is potential for future growth with the introduction of a $100 million Pi Network Ventures fund aimed at supporting new projects and applications on its platform.
Who does this affect?
This affects Pi Network investors and developers interested in working on the platform. Current holders of the Pi token may be concerned about the recent price drop but could find optimism in the new fund’s potential to inspire developments that might enhance Pi Network’s value. Developers seeking financial support to build on blockchain platforms can benefit from the newly established fund, which aims to bolster Pi Network’s ecosystem.
Why does this matter?
The launch of the $100 million startup fund is a significant move for the Pi Network as it could help redefine its market presence by boosting utility and engagement. If successful, the fund might lead to increased demand for the Pi token, potentially stabilizing or increasing its price amidst recent volatility. A well-developed ecosystem with diverse applications can also attract more users and investors, enhancing the network’s market position and long-term viability.