Kategorie: Crypto Analysis

• Chainlink crypto price surged to the highest level since April.

• Whales have started accumulating the coin after the CCIP launch.

• Open interest in the futures market has jumped to 2021 highs.

Chainlink price went parabolic on Thursday as investors cheered the recent product news and purchases by whales. LINK token soared to a high of $8.20, the highest level since April 20th this year. It has jumped by more than 65% from the lowest level in June.

LINK whales are buying

Chainlink price is surging for two main reasons. First, the developers unveiled plans to introduce a new Cross-Chain Interoperable Protocol (CCIP), as I wrote here. This is an important upgrade in the network that seeks to join traditional finance companies to the blockchain.

CCIP will expand Chainlink’s use case by making it possible for companies like banks and insurance firms to join the blockchain. The announcement came a  month after Chainlink announced that it was running a trial of linking banks to the blockchain through its partnership with Swift.

Second, there are signs that whales have started buying the coin. Data shows that two whales acquired 788,877 LINK tokens this week. They bought these tokens by swapping their stETH and ETH tokens for LINK. Historically, accumulation by whales is usually one of the best buy signals in the market.

Chainlink open interest is rising

Meanwhile, data by Coinglass shows that open interest in the futures market jumped to the highest level since November. Open interest is an important metric in the futures market that denotes the number of futures contracts held by market participants. A higher figure is usually a bullish sign.

Chainlink’s open interest has jumped to more than $267 million, with most of them being from Binance. The other leading exchanges are Bybit, OKX, and Bitget among others.

How to buy Chainlink

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy LINK with eToro today Disclaimer

Public

Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.

Buy LINK with Public today Disclaimer

The post 3 reasons why Chainlink (LINK) price just surged appeared first on CoinJournal.

• Shiba Memu has raised $994,000 in a fortnight of presale

• The presale has generated a frenzy as investors bet big on the AI-led meme token

• The price of SHMU rises at each presale, with the value expected to explode once listed

Shiba Memu (SHMU) is seemingly eyeing the position of one of the best meme cryptocurrencies of 2023. At a time leading meme coins like Dogecoin and Shiba Inu are reeling from the effects of a prolonged crypto winter, Shiba Memu is attracting huge investor interest. Just two weeks since launching the presale, investors have accumulated almost $994,000 worth of the AI meme cryptocurrency.

About Shiba Memu

Shiba Memu is an AI-led meme coin that leverages the technology to market itself and generate hype. The meme can create its own PR and promote itself on social networks and forums. The AI-based software also allows Shiba Memu to learn from successful marketing campaigns to create more intelligent and powerful advertising. 

The idea behind using AI is to make Shiba Memu self-sufficient and be a viable investment. Unlike the previous meme projects, where huge budgets are spent on marketing, Shiba Memu leverages AI technology to achieve the objective. 

AI also allows Shiba Memu to work 24/7, with the team anticipating the capability will position it to be the best in creative advertising. Given its self-sufficiency, SHMU can generate huge returns over time. 

What utility does Shiba Memu carry?

Shiba Memu boasts itself as a showoff, capable of doing the work of 100 marketing agencies. Well, that is surely a showoff, but we all know what AI is capable of. With human-like tech capabilities, it means Shiba Memu can do more than what a normal person can. Thus, it is a low-maintenance meme coin that can grow quickly with a low budget.

But again, imagine a meme project that interacts directly with the users. As times have shown, investors are looking for more engagement, which has seen an increased rise in decentralised autonomous organisations. 

Shiba Memu features a robotic dashboard. Users can use it to give feedback, ask questions, provide suggestions, and interact with the AI. Indeed, this could be an ideal opportunity for meme lovers to build meaningful relationships with the loved dog-based meme. You can learn from it, including getting to know what’s up in the world of creative advertising.

If you are an investor seeking passive income, there are some exciting details. Shiba Memu tokens will be available for staking in a staking pool or smart contract. There is also an opportunity to provide liquidity via the Shiba Memu pool. You simply do it through a decentralised exchange and earn fees for transactions made on the DEX and a portion generated as trading fees by the pool.

How much can Shiba Memu rise?

This could be quite a subjective question to answer. But from past experience, Meme cryptocurrencies could be the best to invest for quick gains. These are cryptocurrencies driven by hype and retail mania, with prices rising by thousands of percentages. 

Fortunately, Shiba Memu has won the hearts of meme lovers, given the quick presale. Combined with the growing enthusiasm around AI, Shiba Memu could be an ultimate gainer by the time the token is listed on exchanges.

Should you buy Shiba Memu now?

Suppose you have ever missed a promising cryptocurrency that went on to return big to investors. In that case, you probably know what it means to miss an exciting opportunity like Shiba Memu. The meme cryptocurrency is already generating a frenzy, suggesting the potential to explode is huge.

Shiba Memu is also on the move, and procrastinators always pay a higher price tomorrow than today. What does this mean? The price of Shiba Memu rises daily at 6 pm GMT during the presale. This presale is set to occur in 8 stages. After that, the presale will end with whatever amount is raised. Investing now makes sense when the price is low, with a potential for considerable gains in the meme cryptocurrency.

The post Shiba Memu rides meme coin and AI mania as project raises $994k appeared first on CoinJournal.

• Ethereum’s price lags behind rival cryptocurrencies
• If Ethereum follows Bitcoin, a new yearly high might be in the cards
• Next week’s Federal Reserve meeting is key for the US dollar

The cryptocurrency market bounced strongly in 2023. Following a disappointing 2022, bulls are back as Bitcoin and other leading cryptocurrencies rallied hard.

For example, Bitcoin gained 81.86% YTD while Ripple rose as much as 137.53%. Compared with the two, one might say that Ethereum price lags, up “only” +58.37% this year.

In other markets, such returns are deemed literally impossible. Not in the cryptocurrency market, though, where fortunes are made (and lost) practically overnight.

So can one buy Ethereum because of the lack of momentum compared to its peers? Moreover, following Bitcoin’s steps, will Ethereum make a new high for the year?

Ethereum chart by TradingView

Federal Reserve to hike the funds rate again next week

Next week will be decisive for the short and medium-term perspective on the US dollar. The Federal Reserve of the United States is due to set the monetary policy next Wednesday, and the probability of a hike is close to 100%.

Never in history did the Fed ignore what the market has already priced in, so a rate hike is certain.

But the Fed may easily turn the tables around during the press conference that follows the FOMC Statement.

If the Fed Chair, Jerome Powell, hints at the terminal rate being hit, then the market will try to anticipate when the first rate cut will be delivered.

Hence, while a rate hike next week is hawkish the dollar, the Fed may deliver a dovish message during the press conference. If that is the case, expect Ethereum to make a new high for the year.

The post Should you buy Ethereum as it diverges from Bitcoin? appeared first on CoinJournal.

• The XRP coin has bounced back in the past two days.

• Ripple’s open interest has jumped to the highest level this year.

Ripple price has bounced back in the past two straight days as investors buy the dip following last week’s partial victory in the United States. The XRP coin rose to a high of $0.80 on Wednesday even as Bitcoin remained stagnant slightly above $30,000.

Ripple open interest jumps

XRP coin price made a spectacular recovery last week after the partial victory by Ripple Labs as we wrote here. The judge ruled that while Ripple Labs broke the law in 2013, the XRP coin was not a financial security.

That declaration was an important one for the cryptocurrency industry since it came a few weeks after the SEC filed major lawsuits against Binance and Coinbase. One of the common allegation was that the companies were offering unregulated securities, including Ripple.

Therefore, there is a likelihood that the SEC will go slow its lawsuits against cryptocurrencies and exchanges.

Meanwhile, XRP price is rising as investors buy the recent dip and as open interest of the currency rise. Data shows that open interest rose to over $1.1 billion in the past 24 hours. This is the highest that the interest has jumped this year. Interest has jumped by over 21% in the past few days.

Open interest refers to the number of unsettled futures contracts in the market. And a higher number is a sign of increased bets of a financial asset. This explains why the XRP price has jumped sharply in the past two days. As expected, most of this open interest is dominated by two exchanges: Binance and Bitget. 

XRP price prediction

The daily chart shows that the XRP crypto price jumped sharply last week after the court ruling. It jumped and peaked at $0.9267 and then pulled back as some investors started taking profits. Now, the coin has bounced back as these same investors buy the dip. It remains above the 50-day and 25-day moving average while the Relative Strength Index (RSI) moved to the overbought level.

Therefore, there is a likelihood that the coin will continue rising as buyers target the key resistance level at $0.9267. A move below the support at $0.70 will invalidate the bullish view

How to buy Ripple

eToro

eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and Cryptoassets. eToro offers over 60+ Cryptoassets to invest or invest in their CryptoPortfolio where investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, and copy or get copied by other users.

Buy XRP with eToro today Disclaimer

Bitstamp

World’s longest-standing crypto exchange. Since 2011 Bitstamp has been providing a secure and reliable trading venue to over four million individuals and a range of institutional partners.

Buy XRP with Bitstamp today

The post XRP price prediction as Ripple’s open interest surges appeared first on CoinJournal.

• Artificial intelligence is the biggest theme in the market this year.

• Most companies have unveiled their artificial intelligence plans.

• Shiba Memu and SingularityNET are some of the best AI coins.

Artificial Intelligence (AI) has become the fastest-growing technology in the world. In the corporate scene, companies like Nvidia, Microsoft, and C3.ai have seen their stocks surge this year. Nvidia, a GPU manufacturer, has seen its market cap surge to over $1 trillion.

Many companies have unveiled their AI plans. Microsoft has launched a suite of AI tools, including Copilot. On Tuesday, the company revealed pricing of these products, with a monthly subscription of Copilot going for $30. Google has launched Bard while Elon Musk has launched xAI. In this article, we will look at the best AI cryptocurrencies to buy.

Shiba Memu (SHMU)

Shiba Memu is a new cryptocurrency that has a lot of potential. Currently in presale, the developers have raised almost $1 million in less than three weeks. This makes it one of the fastest-growing cryptocurrencies this year.

Shiba Memu, as you can see in this white paper, is a cryptocurrency that is at the intersection of two trends: artificial intelligence and meme coins. As the name suggests, the token as inspired by Shiba Inu, the second-biggest meme coin in the world. 

Shiba Memu will have some AI tools. For one, it will be the first crypto platform to use AI to market itself. In this, the network will learn new marketing strategies, create its own press releases, and promote itself across all popular social networks. The goal is to create a platform that is self-reliant and transparent in the market.

All this content will be shown in the intuitive Shiba Memu dashboard. This dashboard will show the performance of its content and identify key trends.

There are three main reasons why Shiba Memu’s token will do well. First, as mentioned, it is in the two popular industries this year. Second, the token has the momentum it needs to become the next big thing. In this, it has raised over $977k within a few days. Finally, it could jump because of the macro element since America’s inflation is falling.

You can buy the Shiba Meme token here.

SingularityNET (AGIX)

SingularityNET is another AI-focused cryptocurrency to buy. AGIX, its ecosystem token, is one of the top-performing cryptocurrencies this year, having gained by over 500%. 

SingularityNET is a Cardano–based blockchain that is creating a platform for decentralized artificial intelligence. Its ecosystem is made up of projects that are changing the industry in a large scale.

For example, there is Rejuve.ai, a platform that is focused on longevity research. It has built a decentralized network of researchers, clinicians, and data contributors. 

Other parts of the network’s ecosystem are Awakening Health, SingularityDAO, Cogito, and Nunet. Cogito is building a new class of digital assets known as tracercoins that leverage risk-weighted reserves and AI-powered stabilization.

SingularityNET is a good AI coin to invest for two main reasons. First, unlike many other cryptocurrencies, it has a real ecosystem that is growing. Second, the token has a proven track record of performance. 

The post Best AI cryptocurrencies to invest in: Shiba Memu, SingularityNET appeared first on CoinJournal.