TL;DR
- Pi Network (PI) briefly rebounded above $0.60 on May 1, with some market observers predicting further gains.
- Shiba Inu’s Shibarium blasted through a fresh milestone, signaling strong user engagement, though SHIB’s price remains in the red on a weekly scale.
- Dogecoin (DOGE) is holding around $0.18, with analysts eyeing a breakout in the following days.
What Could Be Next for PI?
Pi Network (PI) has started May on a strong note, observing a significant daily price increase as it briefly crossed the $0.60 threshold. This revival has sparked excitement within the community, with analysts predicting further potential gains in the near future.
One user on the social media platform X noted that PI has been trading sideways between $0.50 and $0.70, labeling this range as “a good accumulation zone.” This sentiment reflects a belief that a rally could be imminent, with aspirations of rising as high as $5. MOON JEFF, a prominent commentator on the PI Network, has echoed this optimistic viewpoint.
Additionally, the Pi News account on X suggested that the asset’s valuation could surge unexpectedly, referencing the rapid price spike of ALPACA, which saw an increase of over 2,000% within a week, despite promptly crashing thereafter.
However, recent hours have shown a mild correction for PI, dipping below the $0.60 mark once again.
Shibarium’s Progress
Shiba Inu’s layer-2 scaling solution, known as Shibarium, has been making headlines for consistently surpassing significant milestones. Notably, the number of transactions processed on Shibarium exceeded one billion just a month ago.
Recently, the total number of wallet addresses interacting with the protocol since its launch in August 2021 surged past 200 million. This uptick in activity suggests heightened user engagement within the Shiba Inu ecosystem. Some industry participants believe that continued advancements in Shibarium could lead to a price rally for SHIB.
Despite these achievements, SHIB is currently trading at approximately $0.00001346 (according to CoinGecko), marking a decline on a weekly scale.
Incoming Pump for DOGE?
Turning to Shiba Inu’s chief rival, Dogecoin (DOGE), the largest meme coin boasts a market capitalization nearing $27 billion. Over the past two weeks, DOGE has experienced a 16% price increase, currently hovering around $0.18.
Analysts are optimistic about DOGE’s short- and medium-term potential for growth. An X user known as Trader Tardigrade has expressed that DOGE completed a breakout after crossing $0.175, predicting an ascent beyond $0.20 shortly.
Other analysts, including CryptoBullet and Crypto Patel, offer bullish forecasts. CryptoBullet speculated a cycle top of over $3.20 by year’s end, while Crypto Patel set an ambitious target of $32. However, this ambitious projection seems improbable at this stage, as it would require Dogecoin’s market cap to balloon to an unrealistic $4 trillion.
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