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TL;DR
- Pi Network (PI) briefly rebounded above $0.60 on May 1, with some market observers predicting further gains.
- Shiba Inu’s Shibarium blasted through a fresh milestone, signaling strong user engagement, though SHIB’s price remains in the red on a weekly scale.
- Dogecoin (DOGE) is holding around $0.18, with analysts eyeing a breakout in the following days.
What Could Be Next for PI?
PI started May on the right foot, witnessing a solid daily price increase as it temporarily crossed $0.60. The revival has infused enthusiasm across the community, with some analysts predicting additional gains in the near future.
One user on the social media platform X pointed out that PI has been trading sideways between $0.50 and $0.70 lately, calling this range “a good accumulation zone.” That said, they believe a rally is imminent, targeting a move up to $5. MOON JEFF, a regular commentator on PI, echoed this view.
Additionally, Pi News (an X account presenting news related to Pi Network) suggested the asset’s valuation “can go beyond your imagination anytime.” They based this on the unpredictable nature of crypto markets, referencing ALPACA’s recent price explosion of over 2,000% in just a week, though it crashed just as quickly.
Meanwhile, the past several hours have offered another mild correction for PI, which dipped under the $0.60 mark again.
Shibarium’s Progress
Shiba Inu’s layer-2 scaling solution remains a trending topic in the crypto space, frequently surpassing different milestones. A month ago, the number of transactions processed on Shibarium exceeded one billion.
Just a few days ago, the total number of wallet addresses that have interacted with the protocol since its launch in August 2021 surged past 200 million.
Increased activity on Shibarium signals enhanced user engagement within the Shiba Inu ecosystem, and according to some industry participants, further advancement of the L2 blockchain solution could lead to a rally for the meme coin.
Despite the recent milestone, SHIB remains in the red on a weekly scale, currently trading at roughly $0.00001346 (per CoinGecko’s data).
Incoming Pump for DOGE?
Let’s now take a closer look at Shiba Inu’s biggest rival – Dogecoin (DOGE). The biggest meme coin, with a market capitalization of almost $27 billion, saw its price jump by 16% in the past two weeks, and as of this writing, it’s hovering around $0.18.
Some analysts believe there is much more room for growth in the short and medium term. The X user Trader Tardigrade assumed that DOGE had completed a breakout when crossing $0.175, forecasting an ascent beyond $0.20 in the following days.
CryptoBullet and Crypto Patel were also bullish. The former envisioned a cycle top of over $3.20 by the end of the year, while the latter set a whopping target of $32. The double-digit projection seems highly unlikely at this stage, as it would require Dogecoin’s market cap to skyrocket above the ridiculous $4 trillion.
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