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Expert Calls On Pi Network To Burn Tokens To Revive Pi Coin Price

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4 days ago

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After Pi Network lost over 20% over the last week, analysts are mooting suggestions to save Pi Coin from slipping further. Pi Network enthusiast Dr Altcoin says the PiCoreTeam can inject new life in the short term by burning a considerable amount of Pi Coins.

Pi Network Has To Burn Pi Coins As A Quick Fix For Falling Prices

As the Pi Network price threatened to fall to $0.3, an expert has waded in to share solutions to stave off the decline. Community member Dr Altcoin opines that investors have to come to terms with the current reality of the network amid the steep decline.

According to an analysis on X, Dr Altcoin notes that a steeper correction will delay Pi Network from reaching a new all-time high. To prevent an even bigger drop, the expert urges the PiCoreTeam (PCT) to burn a large number of Pi Coins.

According to Dr Altcoin, burning Pi will be a short-term solution to address declining asset prices. By removing coins, Pi coins from circulation, tokens become scarce, driving up prices to trigger a rally.

“The quick fix?” asked Dr Altcoin. “The PCT should burn its damn billions of Pi Coins from those 20,000+ Pi Foundations wallets.”

Right out of the bat, the PCT controls over 80 billion Pi coins distributed across several wallets. While burning Pi can improve prices, a Pi token unlock has stoked bearish sentiments among investors, sending prices below $1.

Long-Term Plan For Pi Hangs In The Balance

While the short-term direction of Pi can be impacted by burning tokens, Dr Altcoin’s long-term fix leaves things to fate. The expert says there is little the PCT can do but to “wait” and “hope” for a long-term upward trajectory akin to Bitcoin.

“The long-term fix?” said Dr Altcoin. “Wait patiently and hope it evolves like BTC, not ends up like XRP.”

Despite waiting on their hands, there are a few things the PCT can do to put Pi Network on the right path. For starters, Dr Altcoin says the PCT can improve its Know Your Business (KYB) process for projects keen on building in the ecosystem. The PCT has caught some flak after PiDaoSwap launched NFTs on BSC following KYB delays.

Dr Altcoin adds that the PCT’s transparency in the token burn and unlock mechanism will play a role in Binance and Bybit listing Pi on their exchanges, potentially driving prices northward.

While Pi price has recorded double-digit losses in the seven-day chart, prices are upbeat over 24 hours. Pi price has surged by 18% while trading volumes are hurtling toward the $1 billion mark. Despite the surge, the asset is not in the clear yet as Pi musters its strength in an attempt to flip the $0.90 resistance point.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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21Shares Files For Spot Dogecoin ETF With US SEC

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3 minutes ago

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April 9, 2025

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Asset manager 21Shares has filed with the US Securities and Exchange Commission (SEC) to offer a Dogecoin ETF. This development comes just as the Dogecoin price rebounds following a wave of sell-offs which saw it drop to as low as $0.14.

21Shares Files For Dogecoin ETF With US SEC

21Shares has filed the S-1 form for its Dogecoin ETF with the US SEC. The asset manager becomes the third to file for a DOGE ETF, joining Grayscale and Bitwise. The next step is for the asset manager, through an exchange, to file the 19b-4 form for this fund, which will officially kickstart the process towards a potential approval from the Commission.

Interestingly, this filing comes on the same day 21Shares launched its Dogecoin ETP on the SIX Swiss Exchange through its partnership with the House of Doge. These two will collaborate again if the SEC approves this ETF, as the asset manager revealed in the prospectus that the House of Doge, the corporate arm of the Dogecoin Foundation, will help in marketing the fund.

Meanwhile, the top crypto exchange, Coinbase, will be the Trust’s custodian. The ETF will hold Dogecoin and provide institutional investors an avenue to gain exposure to the top meme coin.

This undoubtedly provides a bullish outlook for the Dogecoin price, as this move could boost the meme coin’s adoption and further drive inflows into its ecosystem.

DOGE Forms Bullish Divergence

Amid 21Shares’ Dogecoin ETF filing, crypto analyst Kevin Capital has revealed that a daily bullish divergence on DOGE’s chart is starting to play out. He remarked that this development is obviously mostly due to the macro news, but nonetheless, the charts were already hinting at this possibility.

ImageImage

This macro news is Donald Trump’s decision to halt reciprocal tariffs for 90 days. Dogecoin and the broader crypto market rebounded on the back of this news.

However, it remains to be seen if this would be a bullish reversal or a bear trap. As CoinGape reported, crypto analyst Master Kebobi stated that the bottom is in for the top meme coin and predicts that the Dogecoin price would rally to the much-anticipated $1 level in the coming months.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Is Dogecoin Price Levels About To Bounce Back?

Published

1 hour ago

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April 9, 2025

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Dogecoin price has gained over 10% in the last 24 hours as investors scan the horizons for signals of a long-term rally. While short-term price movement is positive, Dogecoin languishes at 80% below its all-time high but one analyst thinks a rebound is in the offing

Dogecoin Price Can Set A New All-Time High

Dogecoin price has surged by 10.30% over the last day after a shoddy showing over the previous seven days. The sudden resurgence in prices comes amid a slew of macroeconomic uncertainties nevertheless, the surge is stoking enthusiasm that DOGE can set a new all-time high.

Cryptocurrency analyst Master Kenobi revealed on X that the bottom is in for DOGE and a rally is in the offing for the asset. He opines that Dogecoin price will surpass $0.73 in the coming months hinting at a push to $1. The predicted price movement will see DOGE surpass the previous ATH that it set in 2021.

dogecoin bottom is indogecoin bottom is in

“It’s only upward from here,” said Master Kenobi. “A new ATH for DOGE by early June.”

Despite trading at 80% less than its ATH, Dogecoin’s price has several positives going for it. For starters, a Dogecoin ETP by 21Shares and House of Doge is in the works and could send prices on a strong rally. Furthermore, Dogecoin has weathered reports of Elon Musk leaving DOGE to reach what analysts like Master Kenobi are calling the bottom.

A Bounce Back Will Face A Series Of Bumps

While there is consensus for a Dogecoin price rally, several factors are standing in the way of a bounce back. First, Dogecoin whales have dumped 1.3 billion DOGE sparking worries of concerted sell pressure from heavy hitters.

Furthermore, the DOGE transaction count has taken a major hit, dropping by 94% over the last month. The transaction count decline is stoking fears of a steep plunge in Dogecoin price as demand for the memecoin reaches an all-time low.

Bitcoin’s price crashes continue to have a negative impact on DOGE with top crypto dragging other altcoins underwater. The broader macroeconomic uncertainty is poised to affect cryptocurrency prices with China and the EU announcing retaliatory tariffs against the US. To post a new all-time high, DOGE will have to pick itself gingerly through a minefield of unsavory fundamentals and on-chain data.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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NFT Drama Ends For Shaquille O’Neal With Hefty $11 Million Settlement

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2 hours ago

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April 9, 2025

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NBA legend Shaquille O’Neal has agreed to pay $11 million to settle a class-action lawsuit over his promotion of the failed Astrals NFT project. A Florida federal judge approved the settlement on April 1, with the order becoming public just this week on April 8, according to court documents.

Basketball Icon Caught In Crypto Controversy

The lawsuit, first filed in May 2023, claimed O’Neal promoted the sale of unregistered securities through the Solana-based Astrals NFT collection. Investors who bought Astrals NFTs or the project’s GLXY tokens between May 2022 and January 15, 2024, will now be eligible for compensation from the settlement fund.

Judge Federico Moreno previously acknowledged that plaintiffs had made a plausible case that the former NBA star acted as a seller under securities law. The settlement comes after months of legal back-and-forth, with O’Neal reaching an agreement with plaintiffs last November.

Lawyers Take Home $2.9 Million Slice

The court approved $2.9 million in attorney fees and related costs as part of the settlement package. Judge Moreno ruled these fees were “fair and reasonable,” and noted that none of the plaintiffs objected to the amount lawyers would receive.

The lawyers were able to convince the court that investors lost their money because of O’Neal’s marketing campaigns for the project.

Court papers indicate that O’Neal urged potential investors to “hop on the wave before it’s too late,” something that came to haunt him in court.

Screenshot of court document on Shaq's legal settlement. Source: Courtlistener

Failed Project Promised Virtual Meetings With Shaq

Astrals were released in April 2022, providing 10,000 one-of-a-kind 3D avatars designed by artist Damien Guimoneau. The venture presented itself as a fully immersive metaverse experience through which users would be able to interact with other users as well as with O’Neal himself.

Despite the star power behind it, the collection has shown zero signs of activity over the past two years based on data from NFT marketplace OpenSea.

Total crypto market cap currently at $2.39 trillion. Chart: TradingView

O’Neal reportedly continued to support the project publicly even after the major cryptocurrency exchange FTX collapsed in November 2022.

The court did throw O’Neal one small victory, dismissing claims that he was a “control person” within the project—a designation that would have suggested he held actual power over its operations rather than just serving as its famous face.

NFT Market Continues Downward Spiral

The settlement comes as the broader NFT market struggles to regain its former glory. Total NFT sales volume stood at just $27 million for the week ending April 7, 2025, a dramatic drop from the $2 billion-plus weekly volumes recorded during the market’s peak in 2021.

This downward trend has been ongoing, with trading volumes falling by more than 60% in February alone. The drop continues a slide that began in early 2024, suggesting the once-hot digital collectibles market remains in a prolonged slump.

Featured image from Megan Briggs/Getty, chart from TradingView

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