Big Pi Netowrk (PI) News, Shiba Inu (SHIB) Price Predictions, and More: Bits Recap Sep 23

TL;DR

• SHIB has seen a solid price increase recently, with analysts predicting major bull run in the following months. However, the token’s market cap should reach ridiculous levels for some of the forecast to see the light of day.
• Pi Network extended its KYC and migration deadlines to November and December 2024, with the community awaiting an important roadmap in December.
• BTC has been on an upward trend, reaching $64,500 before settling at $63,300, with analysts predicting a possible test of the $68,000 resistance and a new all-time high of $88,000-$90,000 by year-end.

Time for a SHIB Bull Run?

Shiba Inu (SHIB) has been at the forefront of gains in the past week, witnessing a price increase of around 10%. Currently, it trades at around $0.00001472, with some analysts envisioning a further rally.

One of the optimists is the X user, JAVON MARKS, who believes the recent resurgence could be a precursor of a breakout toward the target of $0.000081. According to the trader, this milestone could be reached before the end of 2025.

Another crypto enthusiast chipping in is the X user pepa. They predicted SHIB could erase two zeroes from its valuation based on the formation of a specific triangular shape on the price chart. It is worth mentioning that such an explosion would require the meme coin’s market capitalization to reach approximately $800 billion.

As of the moment, Bitcoin (BTC) is the only cryptocurrency surpassing that figure, meaning the forecast is highly unlikely to happen.

An important factor hinting that SHIB’s price may indeed head north in the near future is the progress of the project’s burning mechanism. The burn rate has skyrocketed by nearly 800% in the past 24 hours and 300% weekly. Data shows that over 43 million tokens were sent to a null address in the last seven days.

The program’s ultimate goal is to reduce the tremendous circulating supply of SHIB, making it scarcer and potentially more valuable in time (should demand remain the same or rise).

What’s New Around Pi Network?

Earlier this month, Pi Network (a cryptocurrency project that aims to enable users to mine Pi coins directly from their mobile devices) celebrated 2,000 days since its official launch. However, it remains quite controversial since there is no clear indication when an open mainnet or native token will see the light of day.

The team recently advised users to pass Know-Your-Customer (KYC) verification procedures by September 30, a deadline known as the “Grace Period.” Most recently, though, the working group extended the date to November 30, 2024. In addition, the final deadline for users to migrate to mainnet was moved to December 31 this year.

The amendment caused some frustration in the community, with some members claiming the delay is just another sign that the open mainnet will not be introduced any time soon. 

All eyes are now on the Pi Core Team, which promised to unveil the mainnet open roadmap (which should allow the official buying and selling of Pi tokens) in December 2024.

What About BTC?

The price of the leading cryptocurrency has been gradually rising in the past week, spiking to as high as $64,500 and later settling at its current $63,300 (per CoinGecko’s data).

Its progress (and that of the entire digital asset market) started shortly after the US Federal Reserve announced its long-anticipated pivot, lowering interest rates by 0.5%. Numerous industry participants have previously labeled the move bullish since it makes money-borrowing easier and could potentially boost investors’ interest in risk-on assets such as cryptocurrencies.

Many analysts think BTC’s rally is nowhere near its end. X user Mags estimated that the asset could soon enter a “belief” phase, which is associated with a bull run. 

Captain Faibik was optimistic, too, arguing that BTC might test the “crucial resistance level” of $68,000 this week. The analyst went further, projecting a pump to a new all-time high of $88,000-$90,000 by the end of December.