Recent Pi Network Updates, Ripple (XRP) Price Predictions, and More: Bits Recap Feb 4

TL;DR

Pi Network extended the KYC and mainnet migration deadline to Feb 28, 2025, fueling community frustration.
Ripple (XRP) experienced a severe price decline at the start of the week, but some view this as a perfect “buy the dip” opportunity.
Dogecoin (DOGE) dropped 22% weekly, with recent whale activity suggesting a further plunge.

Another Deadline Extension

Pi Network – the controversial cryptocurrency project that claims to allow people to mine digital assets directly on their smartphones – continues to trigger frustration across its community. Although it saw the light of day in 2019, its open mainnet and native token have yet to be launched. 

The team has previously maintained that major milestones like these depend on successful KYC verifications and migration to the mainnet. Users had until January 31 to complete the steps, but the deadline was recently moved to February 28. 

“The KYC and Mainnet migration deadlines for the Grace Period have been extended to February 28, 2025, ensuring Pioneers have additional time and opportunity to secure their Pi,” the developers explained.

Constant delays and extensions have become a habit for Pi Network’s team, and unsurprisingly, some users have lost hope that they will ever see actual progress. Others have gone even further, describing the project as a scam.

Meanwhile, the developers aim to launch the Open Network during the first quarter of the year. On that note, they made a disclaimer that the milestone might occur before or after the Grace Period ends.

“Submit your KYC application and complete your Mainnet Checklist by February 28, 2025, to avoid any forfeiture,” they advised.

XRP Forecasts

Ripple’s native token is another highly intriguing topic in the cryptocurrency world. Its price experienced an impressive bull run in the last few months, rising from less than $0.55 at the start of November 2024 to almost a new all-time high of $3.39 in mid-January. 

However, February has not been so kind to XRP. Its valuation briefly tanked below $2 shortly after US President Donald Trump imposed hefty tariffs on China, Canada, and Mexico. Some of the charges were later suspended, which resulted in a revival of the cryptocurrency market. XRP’s price climbed to almost $2.80 before retracing again to its current $2.50 (per CoinGecko’s data).

Interestingly, the double-digit decline witnessed on February 3 did not scare some of the asset’s hardcore proponents. The analysts using the X monikers EGRAG CRYPTO and JackTheRippler are some examples.

The former described the latest pullback as the perfect “buy the dip” opportunity, while the latter said they sold their house to increase their exposure to XRP. 

DOGE Price Outlook

Last but not least, we will touch upon the leading meme coin, which also saw a substantial plunge at the start of the business week. Its price plummeted to $0.21 before reclaiming some ground to $0.26. 

The current level represents a whopping 22% decrease on a weekly scale, while some essential factors signal more pain for the bulls in the short term.

According to Ali Martinez, whales sold 270 million DOGE in 24 hours, which could trigger downward pressure on the valuation. Additionally, the analyst noted that the meme coin experienced a bearish crossover between the Market Value to Realized Value (MVRV) ratio and its 30-day Simple Moving Average, which indicates “a steep price correction ahead.”