Recent Pi Network (PI) Updates, Shiba Inu (SHIB) Warning, and More: Bits Recap Jan 7

Tl;Dr

• Over 9 million Pi Network users have supposedly migrated to the mainnet as the team aims to launch Open Network in Q1 2025.
• The Shiba Inu-related token TREAT will go live on January 14, 2025, prompting community enthusiasm but also warnings about scammers offering fake services with it.
• Bitcoin (BTC) exceeded $102,000 on January 6, shortly after MicroStrategy announced its latest purchase of 1,070 BTC.

Pi Network’s Latest Progress

Pi Network, a controversial cryptocurrency project, has made significant progress since its inception in 2019. Despite multiple developments, the launch of its fully operational blockchain and native token remains yet to be seen.

The team has stated that the introduction of Open Network is the first major target, which could become possible once 15 million users pass necessary Know-Your-Customer (KYC) verifications and migrate to the mainnet. People have until January 31 to abide by the rules, although it won’t be surprising if the deadline is extended again.

Recently, Pi Network revealed that over 9 million people have successfully migrated to the mainnet, saying they are “making excellent progress towards Open Network.” The announcement urged users to check their Mainnet Checklist and KYC app to see if further actions are necessary.

Some community members praised the recent update, while others reported difficulties completing verifications and migrating to the mainnet. To assist those facing similar challenges, Pi Network provided guidance, recommending users join a dedicated Telegram chat where moderators are available to address their concerns.

SHIB Users, Beware

The popular meme coin, launched in the summer of 2020, has evolved into a broader ecosystem in the past few years. The team recently revealed that TREAT (a reward token that provides incentives for users engaging with Shiba Inu’s protocols, including the layer-2 scaling solution Shibarium) will go live on January 14. While the development sparked enthusiasm across the community, it also provided scammers an opportunity to con inexperienced users.

Shibarium Trustwatch, an X account that aims to provide security, recently warned that wrongdoers offer fake TREAT services to people, alerting them to stay away from such dubious individuals. The warning emphasized that the TREAT launch is scheduled for January 14, 2025, and not before. If users are unsure about anything, they should check with Shibarium Trustwatch first. Stay safe, SHIBARMY.

BTC Price Rally

Last but not least, we will touch upon the primary cryptocurrency, whose price surpassed $100K for the first time this year. BTC was trading around $96,000 on January 3, with the bulls gradually pushing the valuation up in the following days.

The culmination (as of now) occurred hours ago when the asset’s price touched $102,500 (per CoinGecko’s data). This happened shortly after MicroStrategy announced its latest BTC purchase. This time, the company, founded by Michael Saylor, acquired 1,070 BTC for $101 million at an average price of $94,004.

Interestingly, many of the firm’s previous Bitcoin purchases were followed by corrections. Currently, BTC trades at around $101,500, representing an 8% weekly increase.

Conclusion:
In conclusion, Pi Network has made significant progress, with over 9 million users migrating to the mainnet. The team aims to launch Open Network in Q1 2025. Meanwhile, the Shiba Inu community is preparing for the launch of TREAT on January 14. Additionally, Bitcoin has experienced a price rally, surpassing $100K for the first time this year.

FAQs:

Q: What is Pi Network?
A: Pi Network is a controversial cryptocurrency project that aims to launch its fully operational blockchain and native token.

Q: What is Open Network?
A: Open Network is the first major target of Pi Network, which could become possible once 15 million users pass necessary KYC verifications and migrate to the mainnet.

Q: What is TREAT?
A: TREAT is a reward token that provides incentives for users engaging with Shiba Inu’s protocols, including the layer-2 scaling solution Shibarium.

Q: When will TREAT go live?
A: TREAT will go live on January 14, 2025.

Q: What is Shibarium Trustwatch?
A: Shibarium Trustwatch is an X account that aims to provide security and warn users about fake TREAT services.

Q: What is the current price of Bitcoin?
A: As of now, the current price of Bitcoin is around $101,500, representing an 8% weekly increase.