Interesting Pi Network (PI) Facts, Bullish Shiba Inu (SHIB) Price Predictions, and More: Bits Recap Dec 13

TL;DR

• Pi Network boasts 1.34 million users in South Korea, outpacing Binance locally, with its open mainnet launch expected once 15 million verifications are completed.
• Shiba Inu shows bullish potential despite recent volatility, supported by an active burn mechanism and predictions of significant price spikes.
• XRP’s price surged over 250% in the past month, with analysts forecasting a new all-time high driven by regulatory progress and market momentum.

Pi Network’s Stronghold in South Korea

Despite the surrounding controversy, the cryptocurrency project Pi Network continues to amass users. Not long ago, the team revealed the application had exceeded the milestone of 100 million downloads.

Pi Network has a solid presence in Asia, creating multi-million communities in countries like China, Vietnam, Singapore, India, Japan, and More. As CryptoPotato recently reported, South Korea is another nation where the project has gained huge popularity.

According to Wu Blockchain’s analysis, the number of local Pi Network users has reached 1.34 million, which outnumbers the domestic client base of major crypto exchanges like Binance and Coinbase. In fact, the only two domestic cryptocurrency-related entities having 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 it will set things into motion once 15 million users complete the necessary verifications. Latest data shows that 14 million people have already complied with the rules, with only 1 million left to do so. 

Meanwhile, the Pi Core Team previously promised to announce the mainnet open roadmap, 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 at the start of December. However, in the past several days, it witnessed enhanced volatility, with its price plunging by over 10% on a weekly scale. 

Despite the turbulence, numerous analysts remain optimistic that a new rally could be on the horizon. X user JAVON MARKS, for instance, maintained that SHIB has confirmed a bullish pattern, which could be a precursor for “another major upside move.” The trader reiterated their forecast that the price could spike by almost 180% and reach $0.000081.

Other market observers predicting good days ahead for the meme coin include Zach Humphries and The Crypto Bull. The former believes that SHIB could chart substantial gains once “Ethereum breaks loose.” The Crypto Bull assumed that Shiba Inu’s chart “looks primed for launch very soon.”

The resurgence of the asset’s burning mechanism supports the thesis of a price pump. The burn rate has spiked by almost 300% in the past 24 hours, resulting in 11.8 million tokens sent to a null address. The USD equivalent of the stash might be insignificant, but continuous efforts in that field will make SHIB more scarce and potentially more valuable in time (should demand keep its level or rise).

XRP Price Outlook

Ripple’s XRP is also in the red on a weekly scale, albeit charting less substantial losses than Shiba Inu. However, the asset remains one of the best performers in the past month, with its price skyrocketing by over 250% and currently trading above $2.30.

Some of the factors that have fueled XRP’s impressive spike over the last several weeks include Gary Gensler’s (the current Chairman of the US SEC) announcement that he will step down in January next year and the progress of Ripple’s upcoming stablecoin. Not long ago, CEO Brad Garlinghouse revealed that the financial product received regulatory approval from the NYDFS.

Many industry participants believe XRP is now gearing up for another massive rally. X user Ali Martinez recently noted the emergence of a bull 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 peak might be bumpy and include a brief correction. 

Prior to that, he claimed that XRP “looks undervalued after breaking out of this massive multi-year symmetrical triangle.” He set a “conservative target” of $8.40 and an “optimistic” one of a staggering $48.12.