Pi Network’s Stronghold in South Korea
Despite the surrounding controversy, the cryptocurrency project Pi Network continues to amass users. Not long ago, the team revealed that the application had exceeded the milestone of 100 million downloads.
Pi Network has a solid presence in Asia, creating multi-million communities in countries like China, Vietnam, Singapore, India, Japan, and more. As CryptoPotato recently reported, South Korea is another nation where the project has gained huge popularity.
According to Wu Blockchain’s analysis, the number of local Pi Network users has reached 1.34 million, which outnumbers the domestic client base of major crypto exchanges like Binance and Coinbase. In fact, the only two domestic cryptocurrency-related entities having more users are Upbit (4.36 million) and Bithumb (2.24 million).
While the global Pi Network community continues to grow, its native token and open mainnet have yet to see the light of day. The team assured it will set things into motion once 15 million users complete the necessary verifications. Latest data shows that 14 million people have already complied with the rules, with only 1 million left to do so.
The Pi Core Team previously promised to announce the mainnet open roadmap, which should provide more clarity on when users will be able to buy and sell Pi tokens. It remains to be seen whether the final weeks of 2024 will bring significant developments or if there will be further delays.
SHIB’s Next Potential Targets
The second-largest meme coin experienced a substantial revival at the start of December. However, in the past several days, it witnessed enhanced volatility, with its price plummeting by over 10% on a weekly scale.
Despite the turbulence, numerous analysts remain optimistic that a new rally could be on the horizon. X user JAVON MARKS, for instance, maintained that SHIB has confirmed a bullish pattern, which could be a precursor for “another major upside move.” The trader reiterated their forecast that the price could spike by almost 180% and reach $0.000081.
Other market observers predicting good days ahead for the meme coin include Zach Humphries and The Crypto Bull. The former believes that SHIB could chart substantial gains once “Ethereum breaks loose.” The Crypto Bull assumed that Shiba Inu’s chart “looks primed for launch very soon.”
The resurgence of the asset’s burning mechanism supports the thesis of a price pump. The burn rate has spiked by almost 300% in the past 24 hours, resulting in 11.8 million tokens sent to a null address. The USD equivalent of the stash might be insignificant, but continuous efforts in that field will make SHIB more scarce and potentially more valuable in time (should demand keep its level or rise).
XRP Price Outlook
Ripple’s XRP is also in the red on a weekly scale, albeit charting less substantial losses than Shiba Inu. However, the asset remains one of the best performers in the past month, with its price skyrocketing by over 250% and currently trading above $2.30.
Some of the factors that have fueled XRP’s impressive spike over the last several weeks include Gary Gensler’s (the current Chairman of the US SEC) announcement that he will step down in January next year and the progress of Ripple’s upcoming stablecoin. Not long ago, CEO Brad Garlinghouse revealed that the financial product received regulatory approval from the NYDFS.
Many industry participants believe XRP is now gearing up for another massive rally. X user Ali Martinez recently noted the emergence of a bull flag on the asset’s price chart, predicting a rise to a new all-time high of $4. However, he believes the road to the peak might be bumpy and include a brief correction.
Conclusion
In conclusion, the cryptocurrency market is always in a state of flux, with various projects and assets exhibiting different levels of growth and volatility. Pi Network’s strong presence in South Korea, SHIB’s potential for a new rally, and XRP’s impressive price growth are just a few examples of the exciting developments taking place in the space.
FAQs
Q: What is Pi Network, and how has it performed in terms of user growth?
A: Pi Network is a cryptocurrency project that has gained popularity in Asia, with a strong presence in countries like China, Vietnam, Singapore, India, and Japan. As of now, it has reached 1.34 million users in South Korea, outpacing the domestic client base of major crypto exchanges like Binance and Coinbase.
Q: What is the current market outlook for SHIB, and what are some analysts predicting?
A: SHIB has exhibited volatility in recent days, with its price plummeting by over 10% on a weekly scale. However, numerous analysts remain optimistic that a new rally could be on the horizon, with some predicting a price spike of up to 180% and a target price of $0.000081.
Q: What factors have contributed to XRP’s impressive price growth, and what is the current market outlook?
A: XRP’s price growth can be attributed to factors such as Gary Gensler’s announcement to step down as the Chairman of the US SEC and the progress of Ripple’s upcoming stablecoin. As of now, XRP is trading above $2.30 and is expected to continue its upward trend, with some analysts predicting a rise to a new all-time high of $4.
