Pi Network Postpones Open Network Launch Again; Shiba Inu Introduces Virtual World Initiative

Hottest crypto updates: Pi Network Open Network launch delayed again, Shiba Inu unveils metaverse world, and Bitcoin price drops

Here’s a breakdown of the latest updates in the cryptocurrency market, including Pi Network’s Open Network launch delay, Shiba Inu’s metaverse world initiative, and Bitcoin’s recent price decline.

Pi Network’s Open Network launch delayed again

Pi Network, a mobile-first cryptocurrency project that allows users to mine PI tokens on their smartphones, has once again postponed the launch of its Open Network.

Originally set for September 30, the deadline was extended to December 31 and has now been moved to January 31, 2025.

This delay has left many users frustrated, as they await the project’s progression.

One community member expressed their discontent, stating, “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.”

Shiba Inu’s virtual world initiative

In a significant move, Shiba Inu has introduced “SHIB: The Metaverse,” a virtual world project that allows users to own, trade, and develop virtual real estate on the blockchain.

This initiative aims to expand SHIB’s ecosystem beyond its origins as a meme coin, offering features like personalized avatars and global connectivity within the SHIB community.

Marketing lead LUCIE described the project as “groundbreaking,” highlighting its potential to transform the SHIB experience.

Bitcoin’s recent price decline

Bitcoin (BTC) has experienced a notable price drop, falling 12% from its peak of $108,000 on December 17 to approximately $95,000.

This decline coincided with the Federal Reserve’s announcement of a 0.25% rate cut and Chairman Jerome Powell’s indication that such policies might pause next year due to rising inflation concerns.

Additionally, Powell mentioned that the Fed is not permitted to hold BTC, casting doubt on proposals for a U.S. strategic BTC reserve.

The increased exchange netflow, with 33,000 BTC (valued over $3.1 billion) sent to platforms in the past week, suggests that investors may be preparing to offload their holdings, potentially exerting downward pressure on Bitcoin’s price.