Recent Pi Network (PI) Updates, Cardano (ADA) Price Targets, and More: Bits Recap Nov 29

TL;DR

• Pi Network extended its KYC submission deadline to December 31, 2024, raising skepticism due to ongoing delays and broken promises.
• Cardano’s ADA soared 190% monthly, with bullish predictions suggesting potential highs of $5 to $10 this cycle.
• Ethereum (ETH) hit a six-month high of $3,700, driven by rising ETF inflows, with 88% of holders currently in profit.

The Latest Pi Network News

The controversial cryptocurrency project Pi Network (whose goal is to allow people to mine digital assets from their smartphones) remains a hot topic in the crypto space. Despite being around for over five years, it has yet to launch its native token and mainnet. The constant delays and lack of clarity have triggered frustration across the community, with some members doubting the project’s legitimacy.

Earlier this year, Pi Network’s team maintained that major developments will occur once all users had passed Know-Your-Customer (KYC) procedures. Initially, they had until late September to do so, but later, the period was extended to November 30.

Most recently, the developers moved the deadline to submit KYC applications (known as “the first Grace Period”) to December 31. 

“The final Grace Period deadline has not changed and is still December 31, 2024. This extension ensures all Pioneers have ample opportunity to secure their Pi while maintaining the overall timeframe of 6-month Grace Period unchanged. Submit your KYC application and complete your Mainnet Checklist by December 31, 2024, to avoid any forfeiture. Take action now – don’t wait,” the announcement reads.

We have yet to see if this will be the final extension or yet another broken promise by the team.

ADA Price Predictions

Cardano’s ADA has taken center stage lately due to its rapid price increase. It currently trades at around $1.06 (per CoinGecko’s data), representing a whopping 190% spike on a monthly scale.

Multiple analysts believe the rally has just started. The popular content creator Jake Gagain promised to delete his X account if ADA doesn’t hit $5 this bull cycle, while Dan Gambardello claimed the price could skyrocket to as high as $10 once clearing the $1 resistance. 

Meanwhile, Cardano whales have been on the move lately, suggesting further upward pressure on the valuation. X user Ali Martinez claimed that large investors purchased over 130 million tokens during the latest dip.

How’s ETH Doing?

Last but not least, we will touch upon Ethereum (ETH), which has finally started catching up with the market’s frontrunners. Earlier this week, it pumped to a six-month high of almost $3,700, while currently it stands at approximately $3,570. ETH’s revival comes on the back of increased spot Ether ETF inflows in the United States.

The price resurgence benefited the asset’s investors. At one point yesterday (November 28), over 90% of all ETH holders were sitting at some paper profits, the highest level observed since June. As of writing these lines, the percentage is set at around 88%.