Pi Network Update, SHIB Price Surge, and BTC Market Trends

TL;DR

• SHIB has experienced a significant price surge recently, with experts forecasting a substantial bull run in the upcoming months. However, for some predictions to materialize, the token’s market cap would need to reach extraordinary levels.
• Pi Network has postponed its KYC and migration deadlines to November and December 2024, while the community eagerly anticipates a crucial roadmap set for December.
• BTC has been trending upward, peaking at $64,500 before stabilizing at $63,300. Analysts suggest it might challenge the $68,000 resistance and could achieve a new all-time high of $88,000-$90,000 by year-end.

Is It Time for a SHIB Bull Run?

Shiba Inu (SHIB) has been leading the charge in price gains over the past week, achieving an increase of approximately 10%. Currently, it is valued around $0.00001472, with some analysts forecasting a further upward movement.

An optimistic voice in the community is X user, JAVON MARKS, who believes that the recent uptick might signal a breakout toward the goal of $0.000081. As per the trader’s analysis, this target could potentially be achieved by the end of 2025.

Another crypto aficionado contributing to the conversation, X user pepa, has forecasted that SHIB may remove two zeros from its price based on the formation of a distinct triangular pattern observed on the price chart. It’s important to note that such a surge would necessitate the meme token’s market capitalization rising to about $800 billion.

Currently, Bitcoin (BTC) is the only cryptocurrency that exceeds that market cap, suggesting that this prediction is quite unlikely.

A significant indicator that SHIB’s price might be poised for an increase in the near future is the advancement of the token’s burning mechanism. The burn rate has surged nearly 800% in the past 24 hours, and 300% over the week. Statistics reveal that over 43 million tokens were sent to a null address in the last week.

The ultimate objective of this initiative is to diminish the huge circulating supply of SHIB, making it rarer and potentially more valuable over time (assuming demand holds steady or grows).

Latest Updates on Pi Network

Earlier this month, Pi Network (a cryptocurrency initiative aimed at allowing users to mine Pi coins directly from their smartphones) marked its 2,000th day since its official launch. Nevertheless, it remains somewhat controversial, as there are no clear timelines for the release of an open mainnet or native token.

The team recently urged users to complete Know-Your-Customer (KYC) verification by September 30, a period referred to as the “Grace Period.” However, the working group has extended this deadline to November 30, 2024. Additionally, the final date for users to migrate to the mainnet has been shifted to December 31 of this year.

This modification has led to some dissatisfaction within the community, with various members asserting that the delay indicates that the open mainnet will not be launched anytime soon.

Attention is now directed toward the Pi Core Team, which promised to disclose the mainnet’s open roadmap (which should facilitate the official trading of Pi tokens) in December 2024.

What’s Happening with BTC?

The price of the leading cryptocurrency has been steadily climbing over the last week, hitting a high of $64,500 and later resting at its current price of $63,300 (according to CoinGecko).

This momentum (and that of the broader digital asset market) commenced shortly after the US Federal Reserve made its highly anticipated pivot, reducing interest rates by 0.5%. Many in the industry deemed this move bullish, as it facilitates borrowing and could subsequently elevate investors’ interest in risk-on assets like cryptocurrencies.

Numerous analysts believe that BTC’s rally is far from over. X user Mags estimated that the cryptocurrency could soon enter a “belief” phase, which is often linked to a bull run.

Captain Faibik is also optimistic, suggesting that BTC might challenge the “key resistance level” of $68,000 this week. The analyst elaborated, projecting a surge to reach a new all-time high of $88,000-$90,000 by the conclusion of December.