Pi Network (PI) Interesting Facts, Shiba Inu (SHIB) Bullish Price Predictions and More: Bit Summary December 13

TL;DR

Pi Network has 1.34 million users in South Korea, surpassing Binance locally, with its mainnet launch open after 15 million verifications have been completed. Shiba Inu shows upside potential despite recent volatility, supported by an active burning mechanism and predictions of significant price increases. The price of XRP surged more than 250% in the past month, with analysts predicting a new all-time high driven by regulatory progress and market momentum. Pi Network Strength in South Korea

Despite the controversy surrounding it, the cryptocurrency project Pi Network continues to accumulate users. Not long ago, the team revealed that the app had crossed the milestone of 100 million downloads.

Pi Network has a strong presence in Asia, building multi-million dollar communities in countries like China, Vietnam, Singapore, India, Japan and more. As recently reported by CryptoPotato, South Korea is another nation where the project has gained a lot of popularity.

According to analysis by Wu Blockchain, the number of local users of the Pi network has reached 1.34 million, which exceeds the domestic customer base of major crypto exchanges such as Binance and Coinbase. In fact, the only two domestic cryptocurrency-related entities with 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 that it will get things up and running once 15 million users complete the necessary verifications. The latest figures show that 14 million people have already complied with the rules, with only 1 million left to do so.

Meanwhile, the Pi Core Team previously committed to announcing the open roadmap on the mainnet, 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 in early December. However, in recent days, it has witnessed increased volatility, with its price falling more than 10% on a weekly basis.

SHIB Price, Source: CoinGecko

Despite the turmoil, many analysts remain optimistic that a new rally could be on the horizon. X user JAVON MARKS, for example, maintained that SHIB has confirmed a bullish pattern, which could be a precursor to “another major bullish move.” The trader reiterated his forecast that the price could rise almost 180% to $0.000081.

Other market watchers predicting good days for the meme coin include Zach Humphries and The Crypto Bull. The former believes that SHIB could chart substantial gains once “Ethereum takes off.” The Crypto Bull surmised that the Shiba Inu chart “looks set for release very soon.”

The resurgence of the asset burn mechanism supports the thesis of a price bomb. The burn rate has increased by almost 300% in the last 24 hours, resulting in 11.8 million tokens sent to a null address. The USD equivalent of storage may be negligible, but continued efforts in this field will make SHIB scarcer and potentially more valuable over time (should demand remain level or increase).

XRP Price Outlook

Ripple’s XRP is also in the red on a weekly basis, although it is posting smaller losses than Shiba Inu. However, the asset remains one of the best performers over the past month, with its price soaring more than 250% and currently trading above $2.30.

XRP Price, Source: CoinGecko

Some of the factors driving XRP’s impressive rally in recent weeks include the announcement by Gary Gensler (the current chairman of the US SEC) that he will step down in January next year and the progress of the next coin Ripple stable. Not long ago, CEO Brad Garlinghouse revealed that the financial product received regulatory approval from the NYDFS.

Many industry participants believe that XRP is preparing for another massive rally. X user Ali Martinez recently noted the appearance of a bullish 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 top could be bumpy and include a brief correction.

Before that, he stated that XRP “looks undervalued after breaking out of this huge multi-year symmetric triangle.” He set a “conservative target” of $8.40 and an “optimistic” of a surprising $48.12.

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