Pi Network Launches $100M VC Fund to Back Real-World Crypto Use Cases. 30M Pi tokens sold by the core team, potentially to fund the initiative.

Pi enters the consolidation phase with resistance at $1 and key support at $0.78.

A new venture fund has been launched by Pi Network to support startups using Pi Coin for real-world use cases in the domains of AI, fintech, and e-commerce. This fund, boasting an initial capital of $100M, will be funded partly by the Pi core team, marking a significant move for the cryptocurrency.

In a blog post on Monday, the Pi core team announced the establishment of Pi Network Ventures, a venture fund that will invest in startups utilizing Pi in innovative ways to solve global challenges. The fund will concentrate on three primary areas:

• Next-generation AI technologies

• Disruptive fintech solutions

Integration of Web3 e-commerce platforms

“We are excited to be launching Pi Network Ventures to support the next generation of startups who are using technology to create a better future,” said the Pi core team.

“We believe that these startups have the potential to make a real difference in the world, and we are proud to be investing in their success.”

In addition to the venture fund, the Pi core team revealed that a portion of the Pi tokens sold by the team will go towards covering 50% of the $100M funding for Pi Network Ventures. The remaining funds will be sourced from other avenues.

This announcement comes after the Pi core team sold approximately 30M Pi tokens, beginning on August 14. The decision to sell the tokens was made to contribute to Pi Network Ventures, which will support startups developing tangible use cases for Pi.

The move to sell tokens and launch a venture fund signals a shift in focus for Pi Network towards supporting the practical application of cryptocurrency. This initiative is expected to yield long-term benefits for the Pi ecosystem.

Pi (Pi) Price Analysis:

At the time of writing, Pi is trading at $0.8696, having dropped 0.40% over the past 24 hours. Despite this daily price drop, the altcoin is still up 17.33% over the past week and 37.55% over the past month. However, over the past 48 hours, the Pi token has entered a consolidation phase, reflecting market indecision following the large-scale token sale by the core team.

Looking ahead, the $1 target continues to be a key resistance level. If the downward trend intensifies, the next support zone could be at $0.78, and a breakdown from there might lead to the $0.7111 level.