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Top meme coin pumps on X speculation: Does this impact Shiba Memu?

  • Dogecoin price rallied to above $0.076 on Tuesday, a day after Elon Musk’s Twitter rebranded to X.
  • Shiba Memu (SHMU) presale on the other hand has seen $1.14 million raised so far amid huge interest in meme tokens.
  • The launch of the Shiba Memu’s AI dashboard could have a significant impact on the token’s performance.

Shiba Memu’s presale is on fire with nearly 40 million SHMU sold and over $1.14 million raised within weeks of the revolutionary meme project’s token sale launch.

Meanwhile, meme coins have added more than $730 million to their total market cap in the past 24 hours, with most of that down to Dogecoin (DOGE)’s latest pump.

Elon Musk’s X Payments could add Dogecoin

DOGE price rose to highs of $0.078 early Tuesday after a spike in positivity since Monday, primarily injected by Twitter’s rebranding to X. More than that, the speculation that X could incorporate DOGE in its payment feature sees Dogecoin price on the verge of what could be a mega upside leg.

Elon Musk hinted at the possibility of DOGE becoming a payment currency on the rebranded X platform when he put the meme coin’s symbol next to the X logo in his bio on Monday. That action fuelled speculation that the cryptocurrency could soon be part of the “everything app” that Musk and team envision for X.

Raoul Pal, CEO of Real Vision believes this is a possibility even as he sees AI playing a big role in X’s future developments.

“Two things I’ve said when Elon bought “X”:  Elon bought it for the AI, and the free speech angle is to give it an unbiased model. He needs the AI to train the Optimus robot. He will use crypto to be able to make global payments for creators etc. My guess is he uses Doge.”

What makes Shiba Memu different from Dogecoin?

What sets Shiba Memu apart from Dogecoin and other meme coins is that it integrates blockchain technology and artificial intelligence to create an autonomous marketing powerhouse. 

While most meme coin ecosystems, including Dogecoin, rely on market hype for traction, Shiba Memu is taking the game a notch higher by making this entirely AI-driven.

Its AI technology works via robotastic dashboard – the marketing genius behind this project and one that could catapult the project above rivals in terms of community traction and adoption. Two narratives likely to put Shiba Memu on top is the increased adoption of crypto and the emergence of AI as a strong narrative.

Visit the Shiba Memu presale page to learn more.

Dogecoin price prediction

While Musk could go for any other coin when he eventually integrates crypto into X Payments, much of the global speculation is that DOGE sits at the top of the list.

If this happens, we could see the price of Dogecoin could skyrocket. The same happens in 2021 when Tesla announced it would accept DOGE as payment method for car purchases. Dogecoin hit its ATH of $0.73 in May 2021, rallying from lows of $0.009 in January for a staggering 362x gain in four months.

In 2023, Dogecoin has fluctuated between $0.10 and $0.06 and currently hovers below $0.08.

Although the immediate target remains the elusive $0.1, bulls are likely to see the all-time high of $0.73 as the barrier that will need to be broken if DOGE has to hit $1. A move by Elon Musk’s X could catalyse such a breakout.

Does Dogecoin price impact Shiba Memu?

Dogecoin is the top meme coin by market capitalization, and also the most popular one today thanks to its status as the original meme token. The native DOGE’s rally in 2021 and on multiple occasions whenever Musk tweets about it has seen other meme coins pick up some upward momentum.

In fact, it is this scenario that has seen several dog-inspired tokens spawned, particularly in 2023. The likes of PEPE and FLOKI have as a result gained massive traction and are competing to take a chunk of the DOGE market.

Shiba Memu is no different and its trajectory could follow the popular meme tokens’ recent spectacular price gains.

SHMU will be priced at $0.0244 at the end of its 8-week presale. Per the roadmap, the AI dashboard will go live in Q1, 2024 and SHMU will list on exchanges in Q3 that year.

While Shiba Memu price might not mirror DOGE’s 2021 explosion, the meme project’s unique model has the potential to fuel a enourmous price rally.

Do you want to join the presale? Click here.

The post Top meme coin pumps on X speculation: Does this impact Shiba Memu? appeared first on CoinJournal.

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Dogecoin up 4% as X payments speculations return

Key takeaways

  • DOGE is outperforming the other major cryptocurrencies, up by 4% in the last 24 hours.

  • The positive performance comes as speculations return that DOGE could become a payment option on X (Twitter).

DOGE outperforms the broader market

DOGE, the native coin of the Dogecoin ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap today. The coin has added 4% to its value in the last 24 hours, outperforming Bitcoin and other major cryptocurrencies.

At press time, the price of Dogecoin stands at $0.0771. The positive performance comes as speculations returned that DOGE could be used for payments on Twitter, which was rebranded to X by Elon Musk earlier this week.

Market analysts believe that DOGE’s price could soar higher thanks to this speculation. Kryptomon Chief Marketing Officer Tomer Nuni told CoinDesk that;

“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter. We saw the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does.”

Dogecoin is currently the seventh-largest cryptocurrency by market cap, behind Circle’s USDC stablecoin.

Twitter is reportedly designing a system that would allow users to make payments via the social media platform. However, Elon Musk wants fiat currencies to be supported before Twitter will include cryptocurrencies as payment options. 

Bitcoin drops to the $29k level

While Dogecoin was rallying, Bitcoin was tanking. Bitcoin is down by more than 2% in the last 24 hours, briefly dropping below the $29k level late on Monday.

At press time, the price of Bitcoin stands at $29,255. The poor performance came following the Wall Street Journal’s report on Monday, alleging possible wash trading activities by the world’s largest cryptocurrency exchange. 

The post Dogecoin up 4% as X payments speculations return appeared first on CoinJournal.

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Fidelity is bullish on Ethereum for the long term

  • Fidelity likes Ethereum as burn rate now exceeds issuance.
  • ETH continues to be the largest holding in investors’ portfolios.
  • Ether is currently up more than 50% versus the start of the year.

Ethereum is already up more than 50% for the year at writing but Fidelity Digital Assets still remains bullish on the premier altcoin for the long term.

Why does Fidelity like Ethereum?

The crypto platform that caters to institutional investors is constructive on Ether primarily because its burn rate now exceeds issuance.

Since the “Merge”, the net supply has declined by more than 700,000 coins, as per the firm’s recently published Q2 2023 Signals Report.

Fidelity also drives optimism from an increase in active Ethereum validators of 15% in the second quarter. The excitement around EIP-1153 update that promises lower costs and better efficiency will help unlock further upside in ETH, the firm added.

“New Address Momentum” was among other reasons cited for the positive long-term view on Ether.

Could ETH ever be bigger than BTC?

Separately, a recent CryptoVantage survey suggested about 46% of Americans expect Ether to eventually surpass Bitcoin in market capitalisation. The said study saw participation from 1,000 Americans who have had exposure to cryptocurrencies as an investment over the past five years.

Recent data from Coinshares was green as well. In a report over the weekend, the asset manager confirmed that Ethereum continues to be the largest holding in investors’ portfolios even though it has underperformed Bitcoin this year.

Note that ETH could benefit as the U.S. Federal Reserve signals a pivot as well. That’s because a lenient monetary policy tends to boost interest in the risk-on assets. Ethereum, though, has been trending down in recent sessions, though, ahead of the central bank’s announcement on Wednesday.

The post Fidelity is bullish on Ethereum for the long term appeared first on CoinJournal.

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Crypto price outlook: BNB, Dogecoin

  • Cryptocurrencies traded largely lower today, with Bitcoin dipping to below $29k.
  • BNB moved above XRP although bulls need to keep prices above $330 to keep bears at bay, otherwise it could dump to $220 or lower.
  • Dogecoin spiked as Twitter rebranded to X. Can DOGE go higher?

Crypto news today has been dominated by headlines around the launch of Worldcoin (WLD) token and Elon Musk’s Twitter rebrand to X. Meanwhile, the broader crypto market has continued to see a slump for major altcoins, with Bitcoin hovering just above $29k following further weakness on Monday.

While analysts have outlined a potential upward flip after recent consolidation, regulatory uncertainty remains a big negative trigger. Also key this week could be the overall investor reaction to the Federal Reserve’s policy decision after their two-day meeting.

So, with these factors in perspective, what’s the price outlook for BNB and Dogecoin?

BNB price outlook: $330 key support level

BNB, the native coin of the Binance ecosystem, has overtaken XRP as the fourth largest crypto asset by market cap after the Ripple token slumped 6% on Monday. However, BNB price is also down (currently 2%) and trades below its 20-day EMA.

BNB price chart. Source: TradingView

While support is likely at $230, a dip below this buffer could allow bears to target a retest of areas below the lower trendline of the symmetrical triangle. 

It’s a scenario that could see BNB price such for fresh footing around $220, an area that provided a breather in June this year and in December 2022.

DOGE price outlook: Another push related to X?

Dogecoin (DOGE) price was an outlier of sorts today in the crypto markets. While all major altcoins dipped, the OG meme coin spiked by 10% to break above $0.075. 

As Elon Musk revealed Twitter’s rebranding to X, he put the DOGE symbol next to the X logo. 

Bulls took cue to push the coin higher and have succeeded in keeping it above the 20-day and 50-day EMA. 

Dogecoin price chart. Source: TradingView

The moving averages could offer a key demand reload zone should DOGE flip lower. However, the daily RSI is trending upwards but not yet overextended into the overbought territory.

This suggests potential upside moves are still likely, particularly in relation to news around DOGE adoption on X.

If bulls push higher, the area around $0.08 will be a key barrier that would need a convincing retest.  $0.09 and $0.11 could be the next bull targets. On the downside, a breakout below $0.07 could risk a dump to $0.057.

The post Crypto price outlook: BNB, Dogecoin appeared first on CoinJournal.

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Caldera brings decentralized sequencing to OP stack with Espresso

  • Caldera developers can leverage Espresso Sequencer for greater scaling and decentralisation.
  • The rollup-as-a-service (RaaS) platform recently partnered with Manta Network and SupraOracles.

Caldera, a rollup-as-a-service (RaaS) platform, and blockchain infrastructure company Espresso Systems have announced a partnership that will see them work together towards enabling decentralized sequencing to the OP stack and Caldera chains.

The integration will also be key in allowing Caldera layer 2s to tap into the Espresso Sequencer to improve on scalability and interoperability. 

Caldera eyes greater scaling and decentralization

Sequencers are the nodes tasked with aggregating and ordering transactions as well as executing these transactions on the virtual machine. They are like validators in an L1 network ecosystem and thus crucial to the transaction process of a rollup network.

Layer 2 rollups that offer a scaling solution for Ethereum have one limitation – they rely on centralized sequencers that can be impacted by risks such as unreliability and censorship. The Espresso Sequencer offers the utility that not only allows for greater decentralization, but also high throughput, low latency transaction ordering and interoperability. This will help developers on Caldera, the team noted.

“Through this partnership, developers building with Caldera will be able to deploy performant app-specific rollups that utilize the Espresso Sequencer for ordering and fast confirmations, bringing another layer of customizability to our modular stack that should enable teams to build their dream applications without compromises!” they wrote.

Developer teams will have the option of easily opting into the Espresso Sequencer, with this designed as a plug-in component of Caldera’s modular rollup stack.

The partnership with Espresso Systems comes a few days after Caldera partnered with Web3 privacy hub Manta Network. The platforms are collaborating on a project that targets an L2 EVM execution layer for zero-knowledge applications.

Earlier this month, Caldera integrated blockchain oracles service SupraOracles to bring price feeds and VRF to Caldera.

The post Caldera brings decentralized sequencing to OP stack with Espresso appeared first on CoinJournal.