Important Pi Network Updates, Bitcoin (BTC) Price Resurgence, and More: Bits Recap Oct 28
TL;DR
- PiFest kicks off October 29, encouraging Pi token use in local commerce. Merchants can list on the “Map of Pi” for easier discovery.
- BTC fluctuated between $65,500 and $68,500 in the last seven days; US elections next week could impact its price performance.
- Cat-themed tokens POPCAT and MEW experienced major gains recently, though the latter has since dropped 17% from its peak.
Pi Network Developments
The controversial cryptocurrency project, which aims to allow people to mine digital assets on their smartphones, keeps making the headlines.
Most recently, the team revealed that PiFest (a special event aiming to encourage the real-world use of Pi tokens for local commerce) will start on October 29. Merchants will be able to list their stores on a dedicated “Map of Pi,” making it easy for shoppers to find them through a PiOS application.
“Participate to boost the real-life utility of Pi, and empower local businesses to integrate Pi into their operations. Go to the Pi home screen and read the PiFest guidelines to learn more about how merchants and Pioneers can participate,” the announcement reads.
Recall that Pi Network saw the light of day five years ago but its native token and open mainnet are yet to go live. This has caused frustration within the community, with some members calling the project a scam.
Despite the numerous delays, the developers insist that the mainnet’s launch is on the horizon. The Pi Core Team is supposed to shed more light on the roadmap (which should allow the buying and selling of Pi tokens) in December this year.
BTC Price Outlook
The primary cryptocurrency recorded significant volatility in the past week, with its price ranging from $65,500 to $68,500. Currently, it trades close to the upper mark, showing signs that a further uptrend could be in the cards.
Some important factors that may trigger substantial price swings for BTC in the short term include the Federal Reserve’s policy and the upcoming US presidential elections.
The voting is scheduled for next week (November 5), with Republican Donald Trump facing Democrat Kamala Harris. Many believe that Trump’s potential triumph could fuel a bull run for the cryptocurrency market based on his support for the asset class in the past several months.
According to Polymarket, the billionaire has a 66.8% chance to emerge victorious, while Harris is the underdog with 33.4%. National polls, though, indicate that the Democratic candidate has a slight lead: 48.1% vs. 46.7%.
Cat Memes on the Run
Last but not least, we will touch upon certain cat-themed meme coins that have taken center stage recently. The biggest in terms of market capitalization – Popcat (POPCAT) – is up nearly 70% monthly, tapping a new all-time high last week. It is currently the 61st-biggest cryptocurrency and the fifth-largest in the meme coin niche.
Another token of that type experiencing a bull run is Cat in a Dogs World (MEW). It charted a double-digit price increase on October 21 after the leading Korean crypto exchange listed the MEW/KRW trading pair. The asset’s valuation kept climbing in the following days, reaching an ATH on October 24.
Since then, though, MEW has been on a downfall. As of the moment, it trades at around $0.009497, representing a 17% decline from the peak.
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