Main Takeaways:-
- The creators of the much-discussed project released an intriguing clue last week about an upcoming declaration, which may be suspected to be a PI listing on Binance.
- That was not the case. On the other hand, the creators declared a $100 million campaign to support new businesses, but the native token’s price quickly fell right after the recent excitement and fast increase.
Unveiling the Big Announcement
On May 8, the official X channel beyond the project with above 4.3 million followers said big news for the whole ecosystem would happen on May 14. Even though no extra details were given, people in the community began guessing what it might be. One popular guess was a Binance listing because some members said Binance had tested PI deposits and withdrawals behind the scenes.
But the listing on the world’s biggest crypto exchange will have to wait. Yesterday’s announcement was not about trading platforms. Instead, the team said they are starting Pi Network Ventures, a $100 million project in PI and USD to invest in startups and businesses that help make PI more useful and used by real people.
The comments under the post were mixed, as always. Some said it was a ‘big deal’ for the whole PI community, while others said it’s just another announcement about plans, not about what they’ve already done or are doing.
PI Dumps
The marketing after the first post from the past week generated substantial returns for the project’s native token. It almost increased threefold within less than a week, going from $0.6 to above $1.7. Yet, this publicity-driven strong rise suddenly stopped and started falling under $0.9 as of now.
This looks like a typical ‘buy the rumour, sell the news’ situation, where the price goes up before the official news, but drops afterwards. PI has fallen 28% in the last 24 hours and lost 50% of its value since its recent high just a few days ago.
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