Cryptocurrency Updates: Pi Network Gets Bullish Forecasts, Shibarium by Shiba Inu Hits a New Peak, and More: Bits Summary for May
A Pulse on the Crypto World
- Pi Network's (PI) price surged above $0.60 on May 1, igniting excitement within the community. Some analysts anticipate further price gains.
- Shiba Inu's (SHIB) Shibarium recently breached a major milestone with 200 million wallet addresses interacting since its August 2021 launch. Despite this, SHIB continues to dwindle on a weekly scale.
- Dogecoin (DOGE) is hovering around $0.18, with analysts optimistic about a price surge.
What's Next for PI?
Kicking off May, PI displayed a steady daily climb as it temporarily breached the $0.60 mark. This revival has ignited excitement within the community, with some analysts forecasting additional growth in the near future [4].
On the social media platform X, a user emphasized that PI has been in a sideways range between $0.50 and $0.70, referring to this zone as "an excellent accumulation area." They predict a rally, potentially targeting a move up to $5 [1]. MOON JEFF, a regular PI commentator, aligned with this sentiment.
Pi News (an X account delivering Pi Network updates) suggested that the asset's valuation "can reach levels beyond your imagination at any moment." This supposition was based on the unpredictable nature of cryptocurrency markets, citing ALPACA's recent dramatic surge of over 2,000% in just a week, albeit followed by a rapid plunge [2].
However, the past few hours have brought a slight correction for PI, causing it to dip below the $0.60 mark again.
Shibarium's Progress
Shiba Inu's layer-2 scaling solution continues to be a hot topic in the crypto space, surpassing various milestones. A month ago, the number of transactions on Shibarium reached unprecedented levels, processing over one billion transactions.
Just a few days ago, the total number of wallet addresses interacting with the protocol since its August 2021 launch skyrocketed past 200 million.
Increased activity on Shibarium indicates increased user engagement within the Shiba Inu ecosystem. Some industry experts believe that further advancements in Shibarium could lead to a rally for the meme coin [3].
Despite this recent milestone, SHIB continues to lose ground on a weekly scale, trading at about $0.00001346, according to CoinGecko's data.
Predictions for DOGE
Let's delve into Shiba Inu's biggest rival - Dogecoin (DOGE). The meme coin, with a market cap of almost $27 billion, saw its price soar by 16% over the past fortnight and is currently hovering around $0.18.
Trader Tardigrade (an X user) posits that DOGE went through a breakout when it surpassed $0.175, predicting a price increase above $0.20 in the following days. CryptoBullet and Crypto Patel are also bullish, predicting a cycle top of over $3.20 by the end of the year and a staggering target of $32, respectively [1].
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- Some analysts forecast additional growth for PI, with optimism surrounding a potential rally that could target a move up to $5.
- The number of transactions on Shibarium reached unprecedented levels, processing over one billion transactions just a month ago.
- A recent milestone was reached when the total number of wallet addresses interacting with Shibarium surpassed 200 million.
- Trader Tardigrade posits that Dogecoin (DOGE) went through a breakout, predicting a price increase above $0.20 in the following days.
- CryptoBullet and Crypto Patel are also bullish, predicting a cycle top of over $3.20 by the end of the year and a staggering target of $32 for DOGE, respectively.
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- Technology advancements in blockchain, cryptocurrency finance, and entertainment continue to drive potential for both established and new coins like PI, DOGE, and others.
