Altcoin
Expert Gives Reason Why Binance & Bybit Have Not Listed Pi Network
Pi Network’s community members are puzzled by the decision of top cryptocurrency exchanges not to list the asset. However, one crypto expert has waded in to explain the delay behind a potential listing, citing a dire lack of transparency by the Pi Core Team.
Pi Network Needs A High Level Of Transparency
Pseudonymous crypto analyst Dr. Altcoin has explained the reason behind Pi Network’s absence on top cryptocurrency exchanges. According to a post on X, Dr Altcoin noted that the reason may be a lack of transparency by the Pi Core Team.
Dr Altcoin noted that the transparency issue revolves around Pi Network’s tokenomics. Per the analyst, information on the locking mechanism for Pi Network remains shrouded in mystery.
“It is likely that the Pi Core Team has not been transparent enough about the locking and burning mechanism involving the billions of Pi coins currently owned by the PCT,” read the post.
At the moment, Pi Network is not listed on centralized exchanges like Binance, Coinbase, and Coinbase. While whispers of an imminent listing are growing louder, Binance excluded the asset from its Vote To List program.
Decreasing Circulating Supply Leaves Community Scratching Their Heads
A closer look at Pi Network’s tokenomics reveals a decline in its circulating supply to 6.77 billion. The Pi Core Team removed 10 million coins from circulating in what Dr. Altcoin described as an attempt at price control ahead of a token unlock.
“Without transparency, this could easily be misconstrued as potential plans for market manipulation, as we have seen indications of this in recent days,” said Dr Altcoin.
A previous token unlock sent prices cascading to new lows but a burn roadmap is in development for the network. Experts say burning Pi Network tokens will prevent a steep drop in prices.
However, some community members disagree with Dr Altcoin’s theory of a lack of transparency behind Pi Network’s listing delays. The cross-section of community members says the delay stems from the Pi Core Team refusing to pay exchanges for a listing. They argue that the Pi Core Team is seeking a free listing from exchanges, taking the longer route.
Pi is trading at $1 and is down 66% from its all-time high of $2.98 that it set in February.
Aliyu Pokima
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.
A renowned SHIB community executive echoed a huge market buzz this Monday by highlighting the odds of a Shiba Inu ETF approval ahead. Notably, marketing lead Lucie revealed key factors that make the dog-themed meme coin a perfect fit for an ETF product. In the wake of recent broader global pro-crypto shifts, traders and investors anticipate a SHIB price rally to kick off, given this feat actually happens. Simultaneously, a phenomenal +8000% surge in the dog-themed coin’s burn rate intraday solidified bullish market sentiments about price.
Is Shiba Inu ETF Filing Possible? Lucie’s Post Sparks Optimism
According to a recent X post by Lucie, the dog-themed meme coin shows strong characteristics that make it a good pick for a Shiba Inu ETF. Lucie reveals that the meme coin is available on over 110 exchanges with 212 trading pairs, including all the top crypto trading platforms.
In the wake of this aspect, the marketing lead calls the crypto an absolute pick for an ETF product due to its global accessibility. “Because SHIB isn’t just a meme—it’s decentralized, community-driven, and built to last,” she concluded.
Primarily, these statements gained significant traction across the broader market in sync with the recent optimistic waves generated by crypto-backed ETF filings. CoinGape reported that Canary Capital recently filed an S-1 for SUI ETF approval with the U.S. SEC.
Also, the odds of a DOGE ETF approval soared as the US SEC acknowledged Grayscale’s filing for it previously. The speculations of a Dogecoin ETF filing by BlackRock also remain on the rise amid broader crypto-ETF filings. Altogether, these developments inject significant optimism towards the odds of a Shiba Inu ETF filing ahead.
SHIB Burn Rate Surge Adds Market Optimism
A staggering 8454% surge in the SHIB burn rate this Monday added to investors’ bullishness on price. Slightly over 1 billion coins were burnt in the past 24 hours, dealing a massive hit to the meme coin’s circulating supply. In turn, bullish investor sentiments about price prevail, abiding by the law of supply and demand.
For context, the burn mechanism permanently reduces the meme coin’s supply by sending tokens to a null address. As a result, market sentiments about future price action take a paradigm bullish shift.
The total circulating supply after the massive blow was evaluated as 584.35 trillion coins. When coupled with the Shiba Inu ETF filing speculations, these developments signal that a price rally looms.
SHIB Price Overview Today
As of press time, SHIB price witnessed a 1% increase in value, closing in at $0.00001303. The coin bottomed and peaked at $0.0000128 and $0.00001309 in the past 24 hours. Notably, the rising action falls in line with the recent burn rate surge and soaring optimism for an ETF filing ahead.
Simultaneously, Coinglass data underscored rising market interest in the asset. Shiba Inu futures OI was up by 3.5% to $121.69 million. Also, the derivatives volume spiked by 24% to $71.18 million. Overall, the current sentiment for the meme coins appears to be bullish amid recent advancements, such as a burn rate surge and Shiba Inu ETF odds on the rise.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
After weeks of sideways trading and sharp corrections across Bitcoin and the altcoin market, a notable trend is quietly unfolding beneath the surface of the crypto market. Price action has shown capital exiting major tokens, but the reassuring takeaway from flow trends is that much of this capital hasn’t fully left the ecosystem. Instead, it’s being parked in stablecoins, which is a development that may be more bullish than it seems on the surface.
Stablecoin Market Cap Growing, Surpasses $220 Billion
Crypto traders are obviously adopting a very cautious stance towards investing in cryptocurrencies due to the current uncertainty in the market. This cautious stance, although it has led to a slowdown in buying pressure, flow trends highlight a shift in strategy, not a total loss of bullish sentiment.
The lingering bullish sentiment is noted in the stablecoin market cap, which has continued growing higher despite the downturn. According to data from IntoTheBlock, the total stablecoin market recently crossed a milestone of $220 billion and is showing no signs of stopping. As noted by the on-chain analytics platform, this growing pool of liquidity could soon become the fuel for the next phase of upside movement if and when confidence returns.
Image From X: IntoTheBlock
One beneficiary of the growing stablecoin niche is Ripple’s recently launched stablecoin, RLUSD. This new stablecoin has been growing with pace since its launch in December 2024. Its connection with the payments technology company adds a new player to the stablecoin race, joining heavyweights like USDT and USDC in attracting inflows.
At the time of writing, RLUSD has a circulating supply of $160 million and a growing number of Ethereum mainnet addresses holding it.
Image From X: IntoTheBlock
Stablecoin Market Cap Expansion: What It Means For Crypto’s Next Move
The significance of the growing stablecoin market cap trend extends far beyond risk-averse behavior from crypto traders. As noted by IntoTheBlock on social media platform X, “While these tokens are widely used to sidestep volatility, it’s hard to ignore how all that liquidity could become the spark for the next market upswing once sentiment flips bullish.”
In many ways, this expansion is a buildup of liquidity that can be quickly deployed into cryptocurrencies. It means that investors are not abandoning crypto altogether. They are simply watching and waiting. Stablecoins are frequently used as an entry point back into risk-on assets, which means this capital is in a prime position to re-enter the market at a moment’s notice.
All investors need right now is a bullish event, and these funds can be easily converted to Bitcoin and other cryptocurrencies on crypto exchanges. On the other hand, a demerit of the stablecoin market’s growth is that it will continue to delay inflows into Bitcoin and other cryptocurrencies.
Interestingly, data from CoinGecko puts the market cap of stablecoins currently at $236.7 billion. This figure takes into account not just fiat-backed stablecoins but also crypto-backed, commodity-backed, and algorithmic stablecoins.
Featured image from KuCoin, chart from TradingView
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The US has lifted sanctions against crypto mixer Tornado Cash but the procedure has drawn widespread criticisms. Coinbase Chief Legal Officer (CLO) Paul Grewal has taken swipes at the US Treasury for its “botched” attempt at waiving the need for a final judgment.
Coinbase CLO Pokes Holes In US Treasury’s Latest Court Filing
In a strongly worded post on X, Coinbase CLO Paul Grewal railed against the US Treasury’s handling of Tornado Cash’s delisting from the sanctions list. According to Grewal’s disclosure, the US Treasury filed a pleading to moot the need for a final judgment on the matter.
In legal terms, a party to dispute can apply to moot a final judgment, arguing that the issue at hand is no longer significant or actionable. Following Tornado Cash’s removal from the Specially Designated Nationals and Blocked Persons (SDN) list, the US Treasury’s latest filing seeks to waive a final judgment on the case. Tornado Cash users have been in court, challenging the US Treasury’s decision to place the mixer on the SDN list.
However, Grewal argues that the filing runs contrary to established legal processes in the US. He notes a proper filing follows only if the defendant can show that the “practice cannot reasonably be expected to recur.”
The Coinbase CLO cited several legal precedents involving law enforcement agencies removing sanctions and not moving a case. He argues that without a final court judgment, law enforcement can review their decision to impose fresh sanctions at a future date.
“Treasury has likewise removed the Tornado Cash entities from SDN, but has provided no assurance that it will not re-list Tornado Cash again,” said Grewal.
A Protracted Legal Battle Against Authorities
The road toward the lifting of Tornado Cash’s sanctions was long and winding. A raft of Tornado Cash users headed to court to protest the placing of the mixer on the SDN list. US authorities say the mixer played a principal role in laundering nearly $500 million worth of stolen digital assets by North-Korean backed Lazarus Group.
After notching a series of small wins in Court, Grewal criticized the US Treasury for failing to comply with a court ruling clarifying the status of Tornado Cash’s smart contract. The court ruled that the smart contract did not form property under the IEEPA as it is non-erasable.
Tornado Cash has received support from Coinbase with the Ethereum Foundation supporting the legal defense of lead developer Alexey Pertsev.
Aliyu Pokima
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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