Monat: November 2023

Shiba Inu and Dogecoin, which revolutionized the meme coin industry, have stalled this year and underperformed their peers. SHIB price has barely moved in 2023 even as Bitcoin has jumped by over 120%. Dogecoin, on the other hand, has risen by less than 10%.

Why SHIB and DOGE are struggling

Dogecoin and Shiba Inu were two of the hottest meme coins in 2021, which explains why they are multi-billion dollar assets. Dogecoin has a market cap of over $11 billion while Shiba Inu is valued at more than $4.9 billion.

The two have lost momentum as investors focus on other cryptocurrencies. Some of the fastest-growing tokens this year are newer meme coins like Bonk, Pepe, and Memecoin, which are all worth over $1 billion. 

Dogecoin has stalled because Elon Musk, who famously boosted it in 2021 has stayed in the sidelines. He has not talked or even tweeted about it in the past few months. As a result, most investors have avoided the coin.

Shiba Inu, on the other hand, has had a difficult year. It started the year well as investors waited for its Shibarium launch. It soared to a high of over $0.000015 in February and then pulled back to the current $0.0000082. 

This price action is known as buying the rumour and selling the news. While Shibarium has already been launched, it has not done much to boost Shiba Inu’s ecosystem. 

Taken together, the daily traded volume of SHIB and DOGE has been lower than its historical levels. In the past 24 hours, only $130 million worth of SHIB and $395 million worth of Dogecoin were traded.

Shib Memu could be the next big thing

As Shiba Inu and Dogecoin have lost traction, other smaller and newer meme coins like Bonk and Pepe have become popular. Bonk has surged by over 2,100% from the lowest level this year. 

Similarly, Pepe has more than doubled from its YTD low. This is a sign that investors are becoming more interested in newer meme coins in this crypto bull run. 

Therefore, there is a likelihood that Shiba Memu will be the next big thing in the crypto industry. For example, the developers have already raised over $4.6 million in the past few months. 

It aims to do this by combining the virality of meme coins and artificial intelligence (AI). It will use AI to create viral marketing campaigns, which will help it reach millions of people every day. You can buy Shiba Memu here.

Like all financial assets, there are risks for investing in Shiba Memu. Its price could crash, as we have seen with other crypto tokens. Therefore, you should use quality risk management strategies to prevent huge losses. For example, you should only invest a small portion of your portfolio in it.

The post As Shiba Inu, Dogecoin stalls, is Shiba Memu the next big thing? appeared first on CoinJournal.

• Binance settled with the SEC and agreed to pay $4.3 billion.

• Changpeng Zhao also agreed to step down as the CEO and pay $50M.

• Memeinator continued with its token sale as it raised over $1.4 million.

The crypto fear and greed index remained in the green this week even as the industry went through severe challenges. Bitcoin surged to over $38,000 while crypto tokens like Superverse (SUPER), GameSwift, and EthereumPoW more than doubled. In all, the total market cap of all digital currencies approached the $1.5 trillion level.

Binance and Kraken woes

The crypto industry had several important events this week. It started with a major lawsuit brought by the Securities and Exchange Commission (SEC) against Kraken, one of the biggest crypto exchanges in the world.

The SEC alleged that the company operates as an unregistered securities exchange, putting millions of customers at risk. It also operates illegally, providing broker, dealer, and clearinghouse services. Further, the exchange does not do proper record keeping, and that it commingles customers funds.

A day later, the SEC reached a settlement with Binance, the biggest exchange in the world. As part of the settlement, ChangPeng Zhao, the company’s founder and CEO, agreed to step down and pay a $50 million fine. The exchange will also pay over $4 billion in fines.

Therefore, the price action of cryptocurrencies is a sign that investors have welcomed the new actions on Binance. Besides, regulatory challenges have been hanging around the crypto industry in the past few months. In a statement, analysts at JPMorgan said:

“Its market share loss should be contained going forward and perhaps partly reverse once the implications from the settlement on Binance’s operations and business model become more clear.”

Memeinator token sale doing well

Meanwhile, Memeinator has continued doing well as the token sale gains momentum. According to its website, the developers have now raised over $1.49 billion from investors as demand rises. 

Data also shows that over 300k people have entered its promotional campaign, where the winner will get a ticket to go to space in the coming months. A Virgin Galactic trip is said to cost over $200k.

Memeinator is aiming to take advantage of two important themes. First, it is a meme coin that seeks to outperform other meme coins like MemeCoin (MEME), Pepe, and Bonk. All these tokens have surged recently, creating millionaires along the way.

Second, there is the theme of artificial intelligence (AI), which is booming after the success of ChatGPT, Bard AI,  and Anthropic. Recently, AI tokens like SingularityNET (AGIX) and Fetch AI have been some of the best performers in the industry. Therefore, there is a likelihood that MMTR token will do well when it is listed. You can buy the MMTR token here.

There are risks for investing in Memeinator. As we have seen with other tokens, there is a risk that its price will not rise after being listed. There is also the risk of pump and dumps. Therefore, you should only invest funds that you can afford to lose.

The post Crypto fear and greed index rises as Memeinator gains momentum appeared first on CoinJournal.