Monat: Juni 2023

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As Pepe crypto price surges, beware of a bull trap

  • Pepe crypto price has almost doubled in the past few days.

  • This rally is in line with that of other cryptocurrency market.

  • The bullish trend could be part of a bull trap.

Pepe price has jumped sharply in the past few days, making it one of the best-performing cryptocurrencies in the market. It soared to a high of $0.0000016, the highest point since May this year. In all, the meme coin has jumped by more than 85% from the lowest level this month.

Why Pepe price is soaring

Pepe price has jumped because of the rising greed in the crypto market. The crypto fear and greed index has jumped to the greed area of 60 as most cryptocurrencies have jumped. Bitcoin has crossed the important resistance point at $30,000 while a sea of green has dominated the market.

The strong performance is mostly because of the ongoing TradFi trends in the industry. For example, on Thursday, it was reported that Credit Agricole had acquired a crypto custody license in France. This is notable since this is the third biggest bank in Europe by assets.

The announcement came a few days after Deutsche Bank applied for custody services in Germany. Also, companies like Blackrock, WisdomTree, and Invesco have applied for their spot Bitcoin ETFs with the SEC.

These events have nothing to do with altcoins like Pepe. Instead, they have helped to ameliorate the recent regulatory challenges in the United States. As you recall, the SEC filed major charges against Coinbase and Binance, the biggest firms in the industry.

This could be a bull trap

Pepe price has also jumped because of the Fear of Missing Out, popularly known as FOMO. In most periods, this FOMO tends to be a bull trap that leads to substantial losses to the holders. Just ask investors who bought GameStop, ContextLogic, and Bed Bath and Beyond shares. Most of them have lost substantial sums of money.

Therefore, I suspect that Pepe price will retreat soon as investors start taking profits. As you can see in the chart above, the volume has started to diverge from the price. After peaking on Wednesday, the volume has continued falling. 

If this view is correct, Pepe will likely drop to the key support at $0.00000012, the highest point on June 9th of this year. This price is about 25% below the current level.

How to buy Pepe

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AltSignals presale raises $1.0182 million as AI gold rush gathers momentum

  • ASI token price is set to rise to $0.01875 as the presale goes into stage 2.
  • At press time, stage 1 of the presale was 94.26 sold out.
  • So far, the presale has raised $1.56 million in Beta and Stage 1.

The artificial intelligence (AI) gold rush has caught up with new AI-based crypto projects including AltSignals, which is working on an AI Ecosystem called ActualizeAI, powered by a cryptocurrency called ASI.

AltSignals is currently conducting a presale for the ASI token, which is just about to enter into the third stage (Stage 2) once the current stage (Stage 1) sells out. So far, about 75.9 million ASI tokens have been sold through the token presale showing that investors are confident about the new AI project.

A pool of green as AI cryptocurrencies surge

While there has been a growing concern about the impact of artificial intelligence on human lives, AI-based cryptocurrencies seem to enjoy the boost they are getting from the AI gold rush.

With proper regulation, the concerns will be well taken care of, and AI will have nothing to hold it back. The European Union has already set the standard after it passed the pioneering EU AI Act, which will most likely act as a benchmark for other countries including the US whose lawmakers are pushing for AI regulations.

The AI hype combined with the positive crypto market sentiment has pushed the prices of a majority of AI-based cryptocurrencies to new highs and helped lessen the effects of the macroeconomics that have often pushed crypto prices down. At press time, the Artificial Intelligence (AI) cryptocurrencies market cap had risen by 8.5% to $2.67 Billion in the last 24 hours as the overall crypto market enjoyed the second consecutive bullish day.

The top three AI cryptocurrencies by market cap – Render (RNDR), SingularityNET (AGIX), Fetch.ai (FET), Ocean Protocol (OCEAN), Akash Network (AKT), and OriginTrail (TRAC) – have seen their prices rise by 27%, 29.7%, and 37.9%, 24.7%, 42.1% and 31.8% respectively according to data from Coingecko.

AltSignalS’ ASI token future

Large AI companies like OpenAI have accelerated their lobbying to change how different nations view AI. That combined with the implementation of the right AI regulations will not only create a booming industry for the artificial intelligence industry but also for AI-based cryptocurrencies like the ASI.

AI-based cryptocurrencies already do not have much to fear since most of the regulatory push is geared towards generative AI tools like ChatGPT, which has gained a lot of traffic since it was launched last year. This means that the cryptocurrency projects will not be gravely affected by the ongoing AI regulation push.

AltSignals’ ActualizeAI ecosystem will give AltSignals an edge in providing AI-driven trading solutions, leveraging cutting-edge technology to empower traders and investors. As such, the platform currently offers investors the opportunity to invest in its new ASI cryptocurrency, which will give holders access to the AI ecosystem among other benefits stipulated on AltSignals’ official website.

Early ASI investors are already counting progress seeing that the token’s price has already appreciated from its starting price of $0.012 to its current price of $0.015 and is expected to jump to $0.01875 in the next stage. according to the roadmap in the AltSignals whitepaper, by the time the ASI presale comes to an end, the token is expected to have appreciated by 89.5% to $0.02274. 

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SHIB rallies after Shiba Inu introduces Shibacals

Key takeaways

  • Shiba Inu developers have introduced Shibacals, a service that allows users to link real-world assets to NFTs.

  • SHIB has rallied by more than 7% over the last 24 hours.

Shiba Inu to introduce Shibacals

Shiba Inu developers have revealed that they are currently working on a service that would allow users to link real-world assets to NFTs. 

According to the developers, Shibacals, the name of the service, will help prove ownership as part of the Shiba Inu’s Shibarium ecosystem rollout. 

Shibarium is the layer-2 blockchain that would focus on metaverse and NFT applications in the Shiba Inu ecosystem. The blockchain will be powered by SHIB, BONE and LEASE tokens. Shiba Inu developers revealed that Shibarium is expected to launch before the end of the year.

While discussing this latest cryptocurrency news, lead developer Shytoshi Kusama pointed out that Shibacals: Authenticated Collectibles will leverage NFC chips to digitally authenticate physical items.

Kusama added that the use of NFC chips could boost the value of collectibles within the Shiba Inu ecosystem as they allow devices to interact wirelessly over a short distance. 

Kusama explained that;

“The NFT craze is, in part, due to the verifiable ownership and scarcity that digital items on the blockchain offer But, what about physical objects? As mass adoption unfolds (preferably on Shibarium), and scammers move from wallets to tangible items, how will we authenticate these items?”

The team further explained that Shibacals tags would not be limited to the Shibarium ecosystem and could adoption within the wider blockchain ecosystem for product verification. 

SHIB rallies by more than 7%

SHIB, the native token of the Shiba Inu ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap in the last 24 hours. It has added more than 7% to its value during that period, outperforming the other major cryptocurrencies.

At press time, the price of Shiba Inu stands at $0.00000784 per coin, up by more than 20% in the last seven days.

The post SHIB rallies after Shiba Inu introduces Shibacals appeared first on CoinJournal.