Pi Network Updates, Shiba Inu (SHIB) Developments, and More: Bits Recap Dec 27

TL;DR

• The Pi Network’s Open Network launch is delayed again to January 31, 2025, disappointing users awaiting progress.
• Shiba Inu’s “SHIB: The Metaverse” expands its ecosystem, offering virtual real estate trading and global connectivity.
• Bitcoin (BTC) fell 12% from its $108,000 peak amid possible Federal Reserve policy shifts.

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 across its community. It was launched more than five years ago, but the open mainnet and native token have yet to be introduced.

Earlier this year, the team said the first huge target is the release of the Open Network. They also stated this could become possible once users pass necessary Know-Your-Customer (KYC) verifications and migrate to the mainnet (known as the Grace Period).

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

“We’re extending both KYC and Mainnet Migration Grace Period deadlines to January 31, 2025, to help include more Pioneers and their Pi as we prepare for Open Network in Q1 2025.”

Somewhat expectedly, this was not accepted well by some members of the community who have been waiting for serious developments for years

“It has been your trend of doing things. We’re not surprised. You have always lied. Those dates are not even real: delay, delay, delay, until project dies,” one frustrated user said.

Shiba Inu’s Latest Project

The popular meme coin recently launched a virtual world called “SHIB: The Metaverse.” The project, described as “groundbreaking” by Shibarium’s Marketing lead LUCIE, enables users to own, trade, and develop virtual real estate recorded on the blockchain.

Additionally, people can build their own vision, create personalized avatars, and connect globally with other members of the SHIB community

In the past few years, Shiba Inu has introduced many other projects, thus showcasing its evolution from a meme coin to a broader ecosystem. Examples are the layer-2 scaling solution Shibarium and the blockchain-based games Shiboshi Rush and Shiba Eternity

BTC Price Condition

We’ll wrap up today’s recap with some information about the primary cryptocurrency, which has experienced a substantial price decline lately.

Bitcoin (BTC) reached a new all-time high of over $108,000 on December 17, but since then, it has plummeted by 12% to its current $95,000 (per CoinGecko’s data).

BTC Price, Source: CoinGeckoAs CryptoPotato reported, the downfall started shortly after the Federal Reserve announced another 0.25% rate cut. However, the central bank’s Chairman – Jerome Powell – hinted that this policy might be paused next year due to rising inflation concerns. He also added that the Fed is not allowed to hold BTC, casting doubt on Trump’s proposed plan to establish a strategic BTC reserve in the USA

One important factor signaling that the asset’s correction might intensify in the short term is the increased exchange netflow. On December 26, the 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 sell-offs would result in increased circulating supply, which, combined with non-rising demand, could put downward pressure on Bitcoin’s price.