Delays After Delays: Pi Network’s Open Network Launch Stalls Again
The Pi Network, the enigmatic cryptocurrency project that promises to let users mine digital assets from their smartphones, has once again disappointed its community with another delay in its Open Network launch. Initially slated for September 30th, the deadline has been pushed back multiple times, now landing on January 31, 2025. This announcement has ignited a wave of frustration among users who have been eagerly awaiting the project’s fruition for years.
Launched over five years ago, Pi Network has garnered a substantial following, but its long-awaited mainnet launch and the release of its native token have been consistently delayed. The team had previously emphasized the importance of user Know-Your-Customer (KYC) verification and migration to the mainnet (referred to as the Grace Period) as prerequisites for the Open Network launch. However, these milestones have repeatedly faced setbacks.
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The latest extension to January 31st has drawn sharp criticism from some members of the community who feel betrayed by the repeated delays. “It has been your trend of doing things,” lamented one frustrated user, “We’re not surprised. You have always lied. Those dates are not even real: delay, delay, delay, until the project dies.”
Shiba Inu’s Metaverse: A New Frontier for the Meme Coin
While Pi Network grapples with its setbacks, the popular meme coin Shiba Inu continues to expand its ecosystem with the launch of “SHIB: The Metaverse.” This ambitious project, described as “groundbreaking” by Shibarium’s Marketing lead LUCIE, allows users to own, trade, and develop virtual real estate recorded on the blockchain.
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Beyond real estate, SHIB: The Metaverse enables users to create personalized avatars, build their own unique vision within the virtual world, and connect with other members of the Shiba Inu community on a global scale. This latest venture further solidifies Shiba Inu’s evolution from a simple meme coin to a comprehensive ecosystem encompassing layer-2 scaling solutions like Shibarium and blockchain-based games such as Shiboshi Rush and Shiba Eternity.
Bitcoin’s Steep Decline: A Wake-Up Call for Crypto Investors
Shifting our focus to the king of cryptocurrencies, Bitcoin (BTC) has experienced a significant price correction in recent weeks. After reachinga new all-time high of over $108,000 on December 17th, BTC has plummeted by 12%, currently trading around $95,000.
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This sharp decline coincided with the Federal Reserve’s announcement of another 0.25% rate cut. However, concerns surrounding rising inflation led Federal Reserve Chairman Jerome Powell to hint that further interest rate reductions may be paused in the coming year. Furthermore, Powell’s statement that the Federal Reserve is prohibited from holding BTC cast doubt on the feasibility of the proposed plan to establish a strategic BTC reserve within the United States.
A significant factor contributing to the potential for further price declines is a surge in exchange netflow. As reported by CryptoPotato, 33,000 BTC (currently valued at over $3.1 billion) were transferred to cryptocurrency exchanges in the past week. This influx suggests that investors may be preparing to offload their Bitcoin holdings.
Large-scale sell-offs would increase the circulating supply of Bitcoin, potentially exerting downward pressure on its price, especially if demand remains stagnant.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry 1 significant risks, and readers are advised to conduct thorough research and consult with qualified financial professionals before making any investment decisions.
