A closer look at PI’s price performance and what might be coming next for ETH and SHIB this month.
Pi Network’s native token has soared by 11% over the past month and has recently drawn mixed price predictions.
Ethereum seems ready to post substantial gains in September, while Shiba Inu may not fare so well this month.
PI’s Next Targets
The token has rebounded by roughly 35% from its July historic bottom and currently trades at around $0.095 (per CoinGecko). It remains among the most discussed cryptocurrencies, and, as expected, many industry participants have paid attention to its recent price performance and made interesting predictions.
X user OxNeena noted that PI is holding a key support zone around $0.09-$0.10 after a long consolidation, envisioning a massive uptrend above $0.30 if bulls reclaim $0.20.
Nakamoto Files argued that “something is moving behind the scenes” at Pi Network, while CT News believes that if the next altcoin rotation reaches PI, the coin could climb much faster than most think.
“The sleeping giant may not stay asleep forever,” they added.
Meanwhile, there has been growing speculation that the team behind Pi Network intends to implement a burning mechanism that could positively impact the price. However, the X account BSCN and other users rejected the development.
ETH in September?
The second-largest cryptocurrency jumped by nearly 5% over the past 24 hours, once again exceeding the psychological $2,500 mark. Some important factors, including strong demand from institutional investors, suggest that the coming weeks may deliver further gains.
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SoSoValue’s data shows that spot ETH ETFs posted 12 consecutive green days before the run paused on September 2. The momentum quickly returned, with the following 24 hours adding another strong inflow.
The amount of ETH stored on cryptocurrency exchanges is another bullish element. Several days ago, the figure plunged to roughly 14.9 million coins, the lowest since the summer of 2016. Later on, there was a slight move north, yet the total remains below 15 million. Such a development signals that many investors prefer to avoid centralized platforms, thereby reducing immediate selling pressure.
At the same time, Ethereum’s seasonal performance serves as a warning. The asset has ended 7 of the past 11 Septembers in the red, and there hasn’t been a year in which both August and September closed with gains. Recall that last month delivered a 32% price increase for ETH.
SHIB’s Perspective
Unlike ETH, the self-proclaimed Dogecoin killer appears more likely to underperform in September than to post a major rally. The worrying signals include Shibarium’s stalled activity, the declining burn rate, and others.
Moreover, September has been a predominantly poor month for SHIB, with its valuation finishing the timeframe in the red three out of five times.
There is still a glimmer of optimism. Back in 2021, both August and September closed in the green, giving the SHIB Army hope that history could repeat itself, especially since the meme coin pumped by 7.5% last month.
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