As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market trends and fads come and go. However, the recent developments in the cryptocurrency world have been particularly intriguing. The Pi Network’s PiFest announcement is an interesting move to encourage real-world usage of their token, but it remains to be seen if this will help alleviate the concerns around the project’s credibility.
TL;DR
- PiFest kicks off October 29, encouraging Pi token use in local commerce. Merchants can list on the “Map of Pi” for easier discovery.
- BTC fluctuated between $65,500 and $68,500 in the last seven days; US elections next week could impact its price performance.
- Cat-themed tokens POPCAT and MEW experienced major gains recently, though the latter has since dropped 17% from its peak.
Pi Network Developments
The contentious digital currency initiative, designed for users to mine virtual resources using their mobile phones, continues to capture attention in news reports.
More recently, the team announced that PiFest (an event promoting the practical use of Pi tokens in local trade) is set to begin on October 29. Merchants will have the opportunity to register their stores on a specific “Pi Map,” which can be easily navigated by shoppers through a PiOS app.
Join in to enhance the practical applications of Pi, and give local businesses the ability to incorporate Pi into their daily functions. Head over to the Pi homepage for details on how merchants and pioneers can contribute, as outlined in the PiFest guidelines.
Remember that Pi Network was launched five years ago, however, its native token and main network are still not operational. This has led to dissatisfaction among the community, with some individuals accusing the project of being a scam.
Regardless of the many setbacks, the developers maintain that the launch of the mainnet is just around the corner. The Pi Core Team plans to provide further details about their timeline (which will include the ability to trade Pi tokens) by December this year.
BTC Price Outlook
Over the past week, the main digital currency experienced considerable price fluctuations, ranging from around $65,500 to $68,500. At present, its trading value hovers near the higher end, suggesting a possible continuation of an upward trend.
Key variables influencing immediate, potentially significant fluctuations in Bitcoin‘s price could be the Federal Reserve’s monetary policies and the forthcoming U.S. presidential elections.
The election is set for November 5th, where Republican Donald Trump will go head-to-head against Democrat Kamala Harris. Some speculate that a potential win by Trump could ignite a bullish trend in the cryptocurrency market due to his previous backing of this asset class over the past few months.
As per Polymarket predictions, the billionaire stands a high chance (66.8%) of winning, whereas Harris is considered the underdog with a lower probability (33.4%). However, national polls suggest a slightly different outcome: the Democratic candidate currently leads by a small margin, with 48.1% support compared to 46.7% for the other candidate.
Cat Memes on the Run
Last but not least, we will touch upon certain cat-themed meme coins that have taken center stage recently. The biggest in terms of market capitalization – Popcat (POPCAT) – is up nearly 70% monthly, tapping a new all-time high last week. It is currently the 61st-biggest cryptocurrency and the fifth-largest in the meme coin niche.
In a similar fashion to other tokens of its kind, Cat in a Dog World (MEW) saw a surge in value during a bull run. On October 21st, this was triggered when the major South Korean crypto exchange added the MEW/KRW trading pair. Consequently, the asset’s worth continued to rise, culminating in an all-time high on October 24th.
Since then, MEW has been experiencing a significant decrease. Currently, it’s trading at approximately $0.009497, which is a 17% drop from its highest point.
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2024-10-28 12:19