Recent Pi Network (PI) Updates, Shiba Inu (SHIB) Warning, and More: Bit Summary January 7

TL;DR

More than 9 million Pi network users have reportedly migrated to the mainnet as the team aims to launch the open network in the first quarter of 2025. The Shiba Inu TREAT-related token will go live on 14 January 2025, sparking excitement from the community, but also warnings about scammers offering fakes. services with him. Bitcoin (BTC) topped $102,000 on January 6, shortly after MicroStrategy announced its latest purchase of 1,070 BTC. Latest Pi Network Advances

The controversial Pi Network cryptocurrency project saw the light of day in 2019. Although it has witnessed multiple developments since then, it has yet to see the launch of its fully operational blockchain and native token.

The team has previously stated that the first major goal is the introduction of the open network. This could be possible once 15 million users pass the necessary Know Your Customer (KYC) checks and migrate to the main network (known as the grace period). People have until January 31 to comply with the rules. However, it will not be surprising if the deadline is extended again.

More recently, Pi Network revealed that more than 9 million people have successfully migrated to the main network, saying they are “making excellent progress towards the open network.”

“If you are still waiting for Mainnet migration or KYC, please remember to check your Mainnet checklist and KYC application to see if any further action is required,” the announcement says.

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

SHIB Users, Account

The popular meme coin, launched in the summer of 2020, has evolved into a wider ecosystem in recent years. The team recently revealed that TREAT (a reward token that provides incentives to users who engage with Shiba Inu protocols, including the layer 2 scaling solution Shibarium) will go live on January 14th.

While the development sparked excitement throughout the community, it also provided fraudsters with an opportunity to trick inexperienced users.

Shibarium Trustwatch (an X account that aims to provide security) recently warned that criminals are offering fake TREAT services to people, warning them to stay away from such dubious people:

“They are now using SHIB social media linked to their FAKE TREAT. Please don’t be fooled by these predatory scammers. They can be called vultures, circling and looking for their next meal. We pray with heaven on our side , please don’t fall for these scams.

Be clear: TREAT is scheduled for release on January 14, 2025, not earlier. If you are unsure about anything at any time, please consult us first. Stay safe, SHIBARMY.”

BTC Price Rally

Last but not least, we will touch on the main cryptocurrency, whose price exceeded $100,000 for the first time this year. BTC was trading around $93,000 on January 1st, and the bulls gradually increased the valuation in the following days.

The culmination (as of now) occurred hours ago when the price of the asset touched $102,500 (according to CoinGecko 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 company’s previous Bitcoin purchases were followed by corrections. BTC is currently trading around $101,500, which represents a weekly increase of 8%.

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