Big Pi Netowrk (PI) News, Shiba Inu (SHIB) Price Predictions and More – Bit Summary for September 23

TL;DR

SHIB has seen a solid price increase recently, and analysts are predicting a big bull run in the coming months. However, the token’s market cap would have to reach ridiculous levels for some of the predictions to see the light of day. Pi Network extended its KYC and migration deadlines to November and December 2024, with the community expecting a major roadmap in December. BTC has been trending higher, reaching $64,500 before settling at $63,300, with analysts predicting a possible test of $68,000 resistance and a new all-time high of $88,000-$90,000 by the end of year Is it time for a SHIB bull run?

Shiba Inu (SHIB) has led the gains this past week, seeing a price increase of around 10%. It is currently trading around $0.00001472, with some analysts predicting a further recovery.

SHIB Price, Source: CoinGecko

One of the bullies is X-user JAVON MARKS, who believes the recent resurgence could be a precursor to a breakout towards the $0.000081 target. According to the trader, this milestone could be reached before the end of 2025.

Another participating crypto enthusiast is user X pepa. They predicted that SHIB could erase two zeros from its valuation based on the formation of a specific triangular shape on the price chart. It’s worth mentioning that such an explosion would require the meme coin’s market capitalization to reach around $800 billion.

At the moment, Bitcoin (BTC) is the only cryptocurrency to exceed this figure, which means that the prediction is highly unlikely to happen.

One major factor hinting that SHIB’s price may head north in the near future is the progress of the project’s combustion mechanism. The burn rate has shot up almost 800% in the last 24 hours and 300% weekly. The data shows that over 43 million tokens have been sent to a null address in the last seven days.

The ultimate goal of the program is to reduce the huge circulating supply of SHIB, making it scarcer and potentially more valuable over time (if demand remains or increases).

What’s new around the Pi network?

Earlier this month, Pi Network (a cryptocurrency project that aims to allow users to mine Pi Coins directly from their mobile devices) celebrated 2,000 days since its official launch. However, it remains quite controversial as there is no clear indication of when an open mainnet or native token will see the light of day.

The team recently advised users to clear Know Your Customer (KYC) verification procedures by September 30, a deadline known as the “Grace Period.” More recently, however, the task force extended the date to November 30, 2024. In addition, the final deadline for users to migrate to the mainnet was moved to December 31 this year.

The amendment caused some frustration in the community, with some members claiming that the delay is just another sign that the open mainnet will not be introduced anytime soon.

All eyes are now on the Pi Core Team, which has promised to unveil the open mainnet roadmap (which should allow official buying and selling of Pi tokens) in December 2024.

What about BTC?

The price of the leading cryptocurrency has been gradually increasing over the past week, reaching as high as $64,500 and later settling at the current $63,300 (according to CoinGecko data).

BTC Price, Source: CoinGecko

Its progress (and that of the entire digital asset market) began shortly after the US Federal Reserve announced its long-awaited pivot, lowering interest rates by 0.5%. Numerous industry participants have previously labeled the move bullish as it makes it easier to borrow money and could increase investor interest in risky assets like cryptocurrencies.

Many analysts think BTC’s rally is nowhere near its end. X user Mags estimated that the asset could soon enter a “belief” phase, which is associated with a bull run.

Captain Faibik was also optimistic, arguing that BTC could test the “crucial resistance level” of $68,000 this week. The analyst went further, projecting a bomb to a new all-time high of $88,000-$90,000 by the end of December.

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