Pi Network Updates, Shiba Inu (SHIB) Developments, and More: Bits Recap Dec 27

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As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of delays and disappointments. However, the Pi Network’s repeated postponement of its Open Network launch is truly remarkable, even for me. It’s like watching a movie where the sequel keeps getting pushed back, but with real money at stake. The community’s frustration is understandable; patience only goes so far when you’re dealing with years of waiting and broken promises.

TL;DR

  • The Pi Network’s Open Network launch is delayed again to January 31, 2025, disappointing users awaiting progress.
  • Shiba Inu’s “SHIB: The Metaverse” expands its ecosystem, offering virtual real estate trading and global connectivity.
  • Bitcoin (BTC) fell 12% from its $108,000 peak amid possible Federal Reserve policy shifts.

Delays After Delays

The Pi Network, a contentious cryptocurrency initiative that promises smartphone users the ability to mine digital assets, remains under scrutiny within its community. Launched over five years ago, this project has yet to release its main network and native token.

Previously declared by the team, the initial major goal is launching the Open Network. This objective can be achieved when users complete the required Know-Your-Customer (KYC) checks and transition to the main network, which is also referred to as the “Grace Period”.

Originally, the due date was set for September 30th. However, it got pushed back several times and eventually landed on December 31st. More recently, the Pi Network team announced an additional extension, moving the deadline to January 31st.

To accommodate more Pioneers and their Pi, we’re pushing back the deadlines for KYC verification and Mainnet Migration until January 31, 2025. This extension is to ensure a smooth transition as we approach the Open Network launch in Q1 2025.

Unsurprisingly, this move didn’t sit well with certain members of the community, who have longed for significant advancements for quite a while now.

One disgruntled user remarked, “It’s characteristic of your behavior, not unexpected. You’ve been dishonest all along. Those supposed dates are fabricated: postpone, postpone, postpone, until the project ultimately fails.

Shiba Inu’s Latest Project

The well-known meme coin has just debuted a digital realm called “SHIB: The Metaverse.” According to marketing lead LUCIE, this innovative project allows users to buy, sell, and build upon virtual properties that are recorded on the blockchain.

Beyond that, individuals have the opportunity to craft their unique perspectives, design custom avatars, and interact on a global scale with fellow members within the Shiba Inu (SHIB) community.

Over the last several years, Shiba Inu has expanded its reach by launching numerous projects, demonstrating its transformation from a mere meme currency into a comprehensive ecosystem. Notable examples include the layer-2 scaling solution called Shibarium and blockchain games like Shiboshi Rush and Shiba Eternity.

BTC Price Condition

Let’s conclude our summary by sharing some details about the major cryptocurrency that has seen a significant drop in value recently.

On December 17, Bitcoin (BTC) hit a record high of more than $108,000, but it has since dropped by approximately 12% and is now trading at around $95,000, as reported by CoinGecko.

According to CryptoPotato’s report, the decline began shortly after the Federal Reserve announced a 0.25% interest rate cut. However, Chairman Jerome Powell suggested that this policy might be halted next year due to growing inflation worries. He also mentioned that the Fed cannot own Bitcoin, which raises questions about Trump’s proposed plan to create a strategic Bitcoin reserve in the U.S.

A significant indicator suggesting that an asset’s downturn could become more pronounced in the near future is the surge in exchange netflow. Last week, technical analyst Ali Martinez indicated that approximately 33,000 BTC (valued at over $3.1 billion) had been transferred to trading platforms.

The action suggests that investors might be planning to unload their assets. If there are significant sales, this would boost the available supply, and when demand does not increase alongside it, this imbalance could potentially lead to a decrease in Bitcoin’s value.

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2024-12-27 11:30