Recent Pi Network (PI) Updates, Shiba Inu (SHIB) Warning, and More: Bits Recap Jan 7
TL;DR
- Over 9 million Pi Network users have supposedly migrated to the mainnet as the team aims to launch Open Network in Q1 2025.
- The Shiba Inu-related token TREAT will go live on January 14, 2025, prompting community enthusiasm but also warnings about scammers offering fake services with it.
- Bitcoin (BTC) exceeded $102,000 on January 6, shortly after MicroStrategy announced its latest purchase of 1,070 BTC.
Pi Network’s Latest Progress
The controversial cryptocurrency project Pi Network saw the light of day in 2019. While it has witnessed multiple developments since then, the launch of its fully operational blockchain and native token has yet to be seen.
The team has previously stated that the first major target is the introduction of Open Network. This could become possible once 15 million users pass necessary Know-Your-Customer (KYC) verifications and migrate to the mainnet (known as the Grace Period). People have until January 31 to abide by the rules. However, it won’t be surprising if the deadline is extended again.
Most recently, Pi Network revealed that over 9 million people have successfully migrated to the mainnet, saying they are “making excellent progress towards Open Network.”
“If you’re still waiting on either Mainnet migration or KYC, remember to check your Mainnet Checklist and KYC app to see if further actions are necessary,“ the announcement reads.
Some community members praised the recent update, but others reported difficulties completing verifications and migrating to the mainnet. To assist those facing similar challenges, Pi Network previously provided guidance, recommending users join a dedicated Telegram chat where moderators are available to address their concerns.
SHIB Users, Beware
The popular meme coin, launched in the summer of 2020, has evolved into a broader ecosystem in the past few years. The team recently revealed that TREAT (a reward token that provides incentives for users engaging with Shiba Inu’s protocols, including the layer-2 scaling solution Shibarium) will go live on January 14.
While the development sparked enthusiasm across the community, it also provided scammers an opportunity to con inexperienced users.
Shibarium Trustwatch (an X account that aims to provide security) recently warned that wrongdoers offer fake TREAT services to people, alerting them to stay away from such dubious individuals:
“They are now using SHIB socials linked to their FAKE TREAT. Please don’t be misled by these predatory scammers. They can be called vultures, circling and looking for their next feed. We ask with heaven on our side, please do not fall for these scams.
Be clear: the TREAT launch is scheduled for the 14th of January 2025, not before. If you are unsure about anything at any time, check with us first. Stay safe, SHIBARMY.”
BTC Price Rally
Last but not least, we will touch upon the primary cryptocurrency, whose price surpassed $100K for the first time this year. BTC was trading at around $93,000 on January 1, with the bulls gradually pushing the valuation up in the following days.
The culmination (as of now) occurred hours ago when the asset’s price touched $102,500 (per CoinGecko’s 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 firm’s previous Bitcoin purchases were followed by corrections. Currently, BTC trades at around $101,500, representing an 8% weekly increase.
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