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
Pi Network, the controversial cryptocurrency project that claims to allow people to mine digital assets from their smartphones, continues to raise eyebrows across its community. Launched more than five years ago, the open mainnet and native token have yet to be introduced.
Earlier this year, the team said the first huge target is the release of the Open Network. They also stated this could become possible once users pass necessary Know-Your-Customer (KYC) verifications and migrate to the mainnet (known as the Grace Period). The initial deadline for that was September 30, while later, it was moved a few more times to December 31. Most recently, the Pi Network team announced another extension to January 31, 2025, to help include more Pioneers and their Pi as they prepare for Open Network in Q1 2025.
Somewhat expectedly, this was not accepted well by some members of the community who have been waiting for serious developments for years.
Shiba Inu’s Latest Project
The popular meme coin recently launched a virtual world called “SHIB: The Metaverse.” The project, described as “groundbreaking” by Shibarium’s Marketing lead LUCIE, enables users to own, trade, and develop virtual real estate recorded on the blockchain. Additionally, people can build their own vision, create personalized avatars, and connect globally with other members of the SHIB community.
In the past few years, Shiba Inu has introduced many other projects, thus showcasing its evolution from a meme coin to a broader ecosystem. Examples are the layer-2 scaling solution Shibarium and the blockchain-based games Shiboshi Rush and Shiba Eternity.
BTC Price Condition
We’ll wrap up today’s recap with some information about the primary cryptocurrency, which has experienced a substantial price decline lately.
Bitcoin (BTC) reached a new all-time high of over $108,000 on December 17, but since then, it has plummeted by 12% to its current $95,000 (per CoinGecko’s data).
As CryptoPotato reported, the downfall started shortly after the Federal Reserve announced another 0.25% rate cut. However, the central bank’s Chairman – Jerome Powell – hinted that this policy might be paused next year due to rising inflation concerns. He also added that the Fed is not allowed to hold BTC, casting doubt on Trump’s proposed plan to establish a strategic BTC reserve in the USA.
One important factor signaling that the asset’s correction might intensify in the short term is the increased exchange netflow. On December 26, the technical analyst Ali Martinez maintained that 33,000 BTC (currently valued at over $3.1 billion) had been sent to platforms in the past week. The move indicates that investors may be preparing to offload their holdings. Large sell-offs would result in increased circulating supply, which, combined with non-rising demand, could put downward pressure on Bitcoin’s price.
Conclusion
In conclusion, the Pi Network’s Open Network launch has been delayed again, disappointing users awaiting progress. Shiba Inu’s “SHIB: The Metaverse” has expanded its ecosystem, offering virtual real estate trading and global connectivity. Meanwhile, Bitcoin’s price has fallen 12% from its peak amid possible Federal Reserve policy shifts.
FAQs
Q: What is the Pi Network’s Open Network launch delay?
A: The Pi Network’s Open Network launch has been delayed again to January 31, 2025.
Q: What is Shiba Inu’s “SHIB: The Metaverse” project?
A: Shiba Inu’s “SHIB: The Metaverse” is a virtual world that enables users to own, trade, and develop virtual real estate recorded on the blockchain.
Q: Why has Bitcoin’s price fallen?
A: Bitcoin’s price has fallen 12% from its peak amid possible Federal Reserve policy shifts.
Q: What is the Federal Reserve’s policy shift?
A: The Federal Reserve has hinted that its policy might be paused next year due to rising inflation concerns.
Q: What is the increased exchange netflow indicating?
A: The increased exchange netflow indicates that investors may be preparing to offload their Bitcoin holdings, which could put downward pressure on the asset’s price.
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