The past several days have been quite eventful for Pi Network, while Bitcoin (BTC) pumped above $120,000. In the following lines, we will touch upon these and other topics.
Earlier this week, the project’s co-founder, Dr. Chengdiao Fan, delivered a presentation during the crypto conference TOKEN2049 in Singapore. The key point of the speech was Pi Network’s deployment of new decentralized exchange (DEX) and automated market maker (AMM) liquidity pool features.
The tools (currently available only on Testnet) will allow developers and Pioneers to engage directly with token swaps and provide education about DeFi before participating on Mainnet and interacting with real PI tokens. Fan explained that documentation regarding the entire process will be released in the upcoming weeks.
Additionally, Pi Network announced the end of the .pi Domains Auction: a bidding event that let users acquire unique names and which was initially launched in mid-June. Despite officially concluding on September 30, the team promised to extend the window for people who took part in the initiative 24 hours after its final:
“However, if a domain receives a bid within the last 24 hours of the auction, the bidding window for that domain will automatically extend for 24 hours. If another bid occurs in the extended window, it will extend for an additional 24 hours, and so on.”
The primary cryptocurrency kicked off October with a bang and recently surpassed $121,000 for the first time since mid-August. As of press time, it trades at roughly $120,300, representing a 10% increase on a weekly scale.
Its positive performance aligns with the shutdown of the American government, the enthusiasm across the crypto community that believes the current month (often referred to as “Uptober”) will be a highly beneficial period, and the accumulation efforts of the long-term holders.
The popular analyst on X, Ali Martinez, disclosed that they have purchased more than 3,800 BTC in the past month. This signals conviction among that cohort of investors, which could encourage other market participants to follow suit.
Just recently, Martinez revealed that whales have purchased over 30,000 BTC (worth roughly $3.6 billion) in the last 48 hours. Such efforts reduce the circulating supply of the digital asset and could be followed by a further price rally, assuming demand doesn’t wane.
Ripple’s cross-border token has charted a similar price ascent to BTC in the past days and is now trading well above $3. Martinez thinks it looks ready to break out of a specific triangle pattern, setting $3.60 as the next target.
Other analysts, including Cobb and Amonyx, were even more bullish. The former predicted that XRP could skyrocket to $6.32 before the end of 2025, while the latter envisioned an explosion to the ridiculous (at least as of now) $20.
Despite the overall optimism, investors should stay cautious and keep an eye on the Relative Strength Index, which is close to the bearish territory of 70. Such readings suggest the asset could be overbought and headed for a short-term pullback, whereas anything below 30 might be interpreted as a buying opportunity.
The post Pi Network’s Recent Updates, Bitcoin’s (BTC) Revival, and More: Bits Recap October 3 appeared first on CryptoPotato.
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