Kategorie: Crypto Analysis

• The Federal Reserve decided to leave interest rates unchanged.

• It also signaled that it will deliver another rate hike later this year.

• Shiba Memu has defied gravity by raising over $3.1 million.

Stocks and cryptocurrencies came under intense pressure this week as the Federal Reserve pointed to higher interest rates in the coming months. The Dow Jones, Nasdaq 100, and S&P 500 slipped for four straight days. Similarly, Bitcoin dropped to $26,000, down from this month’s high of almost $28,000. 

Federal Reserve decision

The main catalyst for the performance of stocks, cryptocurrencies and bonds was the latest Federal Reserve interest rate decision. In it, the bank decided to leave interest rates unchanged between 3.50% and 3.25%. At the same time, the committee hinted that it was still concerned about inflation. 

As a result, the dot plot pointed to another 0.25% hike by the end of the year. If this happens, interest rates will peak at 5.75%, the highest level in more than 23 years. The Fed is right to be worried about inflation. 

Recent data shows that the price of crude oil has continued soaring. Brent, the international benchmark, rose to $95 and most analysts believe that it is just a matter of time before it hits $100.

The price of other agricultural commodities is also rising. Live cattle has jumped by 20% this year and is sitting at the highest point on record. Cocoa, which is used to make chocolate, has soared because of low yields in Ghana and Ivory Coast. Orange juice has also soared.

Therefore, there is a likelihood that the Federal Reserve will continue rising rates in the coming months. Besides, the UAW workers are on a major strike while a long traffic jam is happening at the Panama Canal.

Shiba Memu is thriving despite risks

The actions of the Fed risks plunging the American economy into a recession. For one, the M2 money supply in the economy has dropped by more than $2 trillion in the past few months. Delinquency rates have also jumped while mortgage rates are nearing 8%.

Still, investors are still interested in Shiba Memu, the upcoming meme coin that has some AI features. Data in its website (use this link) shows that the token has already raised over $3.1 million from investors. This makes it one of the biggest winners this year

For starters, Shiba Memu aims to be a better version of Shiba Inu, the giant meme coin. It will do that by incorporating AI features that will help it in self-marketing. Therefore, if it succeeds, Shiba Memu will likely become a bigger deal than other meme coins like Dogelon Mars and Pepe, which have no major utility.

The post Shiba Memu (SHMU) defies gravity as hawkish Fed jitters remain appeared first on CoinJournal.

• Shiba Memu has raised over $3 million as presale underlines investor interest.

• Shiba Memu is unique in its AI marketing, focusing on making it sustainable.

• A potential 50x gain could be realised based on margins recorded by meme cryptocurrencies. 

Investor interest in new meme cryptocurrencies is undeniably high. Small projects that started as a joke, like Dogecoin and Shiba Inu, have become big names. When PEPE launched earlier this year, investor interest pushed the token to thousands of percentage-digit gains. It is no coincidence that Shiba Memu, a new AI-led meme cryptocurrency, is attracting a huge demand. Still on presale, the token has crossed the $3 million mark on amounts raised. With this unstoppable demand, you can learn more about this token and whether you should invest.

What is Shiba Memu, and how is it unique?

Shiba Memu is a sensational meme crypto project that aims for high ROI by tapping into the power of AI. The project uses AI to optimise its marketing interventions and track branding initiatives. Shiba Memu can also identify positive and negative sentiments on online forums and social media. It then uses the information to inform its marketing campaigns.

The self-marketing concept effortlessly creates hype and popularity for Shiba Memu. For a sector driven by speculations and online chatter, the capabilities enable Shiba Memu to grow powerful. 

Shiba Memu also taps into the power of predictive analytics to stay ahead of rivals. The project can forecast future marketing trends and adjust its branding techniques. An AI personalisation feature also lets Shiba Memu customise its PR strategies. The feature underscores Shiba Memu’s commitment to generating sustainable income for its investors.

Shiba Memu also stands out as a powerful AI project for social engagement. Users can directly engage with the AI through a dashboard and learn from it. From hot topics in creative advertising to captivating crypto conversations, Shiba Memu can do it all. Users can also ask questions and get feedback from the AI. The capability lets Shiba Memu tap into the power of social connections to grow and become more intelligent.

Is Shiba Memu the best meme crypto of 2023?

A few established names may pop up when considering the best meme cryptocurrencies for 2023. However, these tokens, most listed on exchanges, are enduring a prolonged crypto winter. That leaves investors with limited options for meme investment. Shiba Memu is yet to debut on exchanges, meaning its value is still locked. 

As we saw with PEPE earlier this year, meme cryptocurrencies are best when they are starting. Gains can be as high as 50x as speculations are high and investor interest solid. Given this historical trend and market situation, Shiba Memu could be the ideal investment. 

Another investment thesis for Shiba Memu is its utility beyond speculation. Once you have bought the tokens, you can stake them in a smart contract platform or staking pool. Investors earn yields for their staked tokens. Other investors will earn transaction fees by offering liquidity through a decentralised exchange. The use cases could drive investment and demand for the project and generate long-term returns.

Shiba Memu tokenomics and unique presale

From the project’s roadmap, 85% of SHMU tokens will be offered at a discount before the token is listed. The team has set the total supply at 1 billion, with investors rapidly taking the tokens off-shelf. 

The demand can be attributed to Shiba Memu’s unique presale. Since opening the presale, the value of Shiba Memu has risen steadily. From an initial starting price of $0.011125, the token is now valued at $0.028900 and is still on the move. 

The price gains reflect the project’s tokenomics, allowing SHMU value to rise daily at 6 PM GMT. By the time the presale ends, investors will receive more valued tokens than they invested.

The post Shiba Memu sets a new presale milestone as enthusiasm builds for the meme sensation appeared first on CoinJournal.

• Gala crypto price is nearing its lowest level on record.

• It has plunged by more than 78% from the highest level.

• There are concerns about the platform and the ongoing lawsuit.

Gala token price continued its sell-off as demand for the coin crashed. The token plunged to a low of $0.013, meaning it has plunged by more than 78% from the highest level on record. Other top laggards on Thursday were coins like Optimism, eCash, Injective, and XDC Network.

Fed interest rates and ecosystem growth

There are three main reasons why Gala crypto price has been in a strong bearish trend for a while. First, like other cryptocurrencies, it is being affected by the rising interest rates by the Federal Reserve. 

The Fed has hiked rates from 0% during the pandemic to between 5.25% and 5.50%. In its monetary policy meeting on Wednesday, the bank warned that it will deliver one more 0.25% rate hike. 

High interest rates have an impact on all assets. For example, they lead to a higher US dollar index (DXY). The index, which measures the value of the USD against a basket of currencies, has jumped to a five-month high of $105.

Further, the dollar is having a higher yield than most cryptocurrencies. Money market fund yields have jumped to a multi-year high of almost 6%. Therefore, many investors have moved their funds from risky assets like crypto to cash.

Second, Gala price has plunged because of the lack of traction of games in its ecosystem. While developers have launched several games like Townstar, Dragon Strike, and PokerGo, data shows that they have not gone mainstream. Also, NFT sales in Gala have dropped. 

Finally, there is internal wrangling between Wright Thurston and Eric Schiermeyer, the co-founders of the platform. The two are battling over a $130 million theft in a court in Utah. Historically, investors tend to avoid assets with such issues.

Gala crypto price forecast

The daily chart shows that the Gala crypto price has been in a strong bearish trend in the past few months. It moved below the key support level at $0.018 and $0.015, the lowest levels in June this year and December last year. Gala has also remained below the 50-day and 100-day moving averages.

Therefore, Gala price will likely continue falling as demand for the coin wanes. This sell-off will likely continue falling as sellers target the key support at $0.010. The stop-loss of this trade is $0.02.

How to buy Gala

The post 3 reasons the Gala crypto price has plunged to record low appeared first on CoinJournal.

• Polkadot’s DOT token has been in a strong bearish trend in the past few months.

• There are concerns about the network’s ecosystem as activity slows.

• Circle has now integrated USDC into its ecosystem.

Polkadot price has been in a strong bearish trend in the past few months amid rising concerns about the ecosystem. DOT token plunged to a low of $3.90 last week, down by more than 50% below the highest level this year. It has underperformed other popular coins like Bitcoin, Tron, and Ethereum.

Polkadot ecosystem woes

Polkadot is one of the leading players in the blockchain industry. Developed by an Ethereum co-founder, the platform makes it possible for creators to build parachains that are interconnected with other chains. Parachains are independent layer-1 blockchains that transcend limitations of other chains.

Over the years, many developers have won parachain slots in Polkadot’s ecosystem. Some of the most popular Polkadot parachains are Moonbeam, Clover Finance, Efinity, Litentry, Astar, and Phala Network.

The challenge for Polkadot is that most of its successful parachains have struggled to gain traction in the past few months. A good way to look at this is its DeFi ecosystem. A look at DeFi Llama shows that Moonbeam is its biggest player in DeFi with a TVL of just $52.4 million. 

Moonriver is the 75th network with just $8 million. Other networks like Astar and Karura have $44 million and $8 million, respectively. Therefore, the network needs to see more activity in the ecosystem.

The most recent Polkadot news was that Circle decided to add USDC in Polkadot Asset Hub. This is an important move since USDC is the second-biggest stablecoin in the world with over $26 billion in market cap. The statement added:

“Polkadot USDC is the official form of USDC for the Polkadot ecosystem, providing developers and users with access to a fully reserved, dollar-backed stablecoin that’s always redeemable 1:1 for US dollars.”

Polkadot price forecast

The daily chart shows that the Polkadot price has been in a strong bearish trend in the past few months. This decline saw it drop below the important support at $4.21, the lowest level in June and December 2022. It has also retested this level, which is a sign of a bearish continuation

Polkadot has remained below the 50-day moving average. It has also formed an inverted cup and handle pattern. Therefore, there is a likelihood that the coin will continue falling as sellers target the key support at $3.70. A move above the key resistance at $4.50 will invalidate the bearish view.

How to buy Polkadot

The post Polkadot price prediction: Break and retest pattern forms appeared first on CoinJournal.