Pi Network Updates, Shiba Inu (SHIB) Developments, and More: Bit Roundup December 27

TL;DR

The launch of the Pi network open network is again delayed until January 31, 2025, disappointing users who are waiting for progress. Shiba Inu’s “SHIB: The Metaverse” expands its ecosystem, offering virtual real estate trading and global connectivity. Bitcoin (BTC) fell 12% from its high of $108,000 amid possible Federal Reserve policy changes. 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 throughout its community. It was launched more than five years ago, but the open mainnet and native token have not yet been introduced.

Earlier this year, the team said that the first big goal is the launch of the open network. They also claimed that this could be possible once users pass the necessary Know Your Customer (KYC) checks and migrate to the main network (known as a grace period).

The initial deadline for this was September 30, while later, it was moved a few more times to December 31. More recently, the Pi Network team announced another extension until January 31st:

“We are extending the KYC and Mainnet migration grace period deadlines to January 31, 2025 to help include more Pioneers and their Pi as we prepare for the open network in Q1 2025.”

Somewhat expectedly, this was not well received by some members of the community who had been waiting for serious progress for years.

“It has been your tendency to do things. We are not surprised. You always lied. These dates aren’t even real – delay, delay, delay until the project dies,” said one frustrated user.

Shiba Inu’s latest project

The popular meme currency recently launched a virtual world called “SHIB: The Metaverse”. The project, described as “groundbreaking” by Shibarium’s marketing leader LUCIE, allows users to own, trade and develop virtual real estate registered on the blockchain.

In addition, people can build their own vision, create custom avatars and connect globally with other members of the SHIB community.

In recent years, Shiba Inu has introduced many other projects, thus showing its evolution from a meme currency to a wider ecosystem. Examples are the layer 2 scaling solution Shibarium and the blockchain-based games Shiboshi Rush and Shiba Eternity.

BTC price condition

We will conclude today’s roundup with information about the main cryptocurrency, which has seen a substantial decrease in price lately.

Bitcoin (BTC) hit a new all-time high of over $108,000 on December 17, but has since plunged 12% to its current $95,000 (according to CoinGecko data).

BTC Price, Source: CoinGecko

As reported by CryptoPotato, the decline began shortly after the Federal Reserve announced another rate cut of 0.25%. However, the chairman of the central bank, Jerome Powell, hinted that this policy could be stopped next year due to the growing concerns about inflation. He also added that the Fed is not allowed to hold BTC, casting doubt on Trump’s proposed plan to establish a strategic reserve of BTC in the US.

An important factor indicating that the asset correction could intensify in the near term is the increase in net exchange flow. On December 26, 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 sales would result in an increase in circulating supply, which, combined with non-growing demand, could put downward pressure on the price of Bitcoin.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit: use this link to sign up and open a FREE $500 position with any currency!