Kategorie: Crypto News

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Shiba Memu: Why new meme cryptocurrency has won the hearts of investors?

  • Shiba Memu’s presale has raised over $2.85 million in its presale on solid demand.

  • The price of the tokens in presale increases every day at 6 PM GMT

  • Shiba Memu could rise 50x, reinforced by its popularity and meme token trends

Buying meme cryptocurrencies might not be the right decision as crypto winter rages on. Leading meme names like Dogecoin and Shiba Inu continue to suffer in a bottomless drop. The bear market situation prompts investors to seek alternative tokens with the potential to explode. The entry of Shiba Memu (SHMU) into the scene has generated enthusiasm for meme investment. Since the presale started, investors have bought over $2.85 million of the tokens. To buy the token, investors can visit the project’s website. 

Why investors are interested in Shiba Memu

Investment in Shiba Memu is partly attributed to its potential sustainability. It is the world’s first meme project to apply artificial intelligence. The AI generates hype, which puts Shiba Memu in the limelight.

Unlike its meme peers, Shiba Memu will market itself on online forums, generating hype for itself. As you may be aware, meme cryptocurrencies’ prices are moved by online publicity. The self-marketing concept allows Shiba Memu to be a potential big price mover. This capability puts Shiba Memu ahead of rivals, which rely on humans to gain and maintain relevance.

Investors could also be looking at the price potential of Shiba Memu. Early birds in presale have already tasted the price potential with Shiba Memu’s tokenomics. At the onset of the presale, the token was valued at $0.011125 but now goes for $0.027325. The price increases every day at 6 PM GMT in the presale

Alongside the price increases at presale, the potential for Shiba Memu is enormous, given its market space. In the past, meme cryptocurrencies have exploded in value after listing. Shiba Memu looks at a similar potential, given the love meme tokens attract in the sector. As the bear crypto sector lingers on, investors could look at Shiba Memu as the fresh kid in the market. This could inspire a rally for the token.

Shiba Memu’s social features could also attract investors. The project features an AI dashboard where users can build meaningful conversations with the robot. They can ask the AI questions, share suggestions, and learn new things in creative advertising. 

How much can the Shiba Memu token rise?

Predicting the exact increases in the value of Shiba Memu could be subjective. However, projections can be made based on the token’s demand. The potential is indicated by the increasing number of investors buying the token. 

While launching tokens have risen by up to 10x, Shiba Memu can surprise the markets. Analysts have earmarked up to 50 times increase, reflecting past price surges in meme cryptocurrencies. 

Also, the token’s value could be unlocked from novel use cases. The Shiba Memu pool will let users earn fees by generating liquidity through a decentralised exchange. Similarly, the tokens can be staked in a smart contract or staking pol for additional rewards.

In the future, Shiba Memu could be unstoppable. AI can find use cases in diverse areas, benefiting Shiba Memu. This means the token’s value could overcome the frequent dumps that face meme cryptocurrencies. 

Is Shiba Memu worth buying now?

Shiba Memu’s roadmap provides for the token listing in Q3 2024. After listing, the token could witness increased buying, allowing it to explode in value. However, prudential investment involves buying an asset when the price is low.

Investing in Shiba Memu’s presale makes sense, as the token’s price is still low. By the time the token’s price starts to rise, presale investors will reap the benefits. Also, investing now is advantageous as investors get tokens worth more when the presale ends.

The post Shiba Memu: Why new meme cryptocurrency has won the hearts of investors? appeared first on CoinJournal.

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Analyst on Solana: Could be “sell the rumor, buy the news” for SOL

  • Solana is one of the cryptocurrencies to struggle the most in the market since FTX imploded in 2022.
  • FTX liquidators have approval to liquidate $3.4 billion worth of crypto assets.
  • The collapsed exchange holds $1.2 billion in SOL, Solana’s native token.

The native Solana token SOL, which makes up a significant percentage of the bankrupt crypto platform FTX’s portfolio of assets, has found it difficult to break higher since the sharp decline registered from above $36 in November last year.

With volatility largely on the downside for most assets, the last few days had sentiment for SOL mostly negative. However, a top crypto analyst says SOL could be primed for a “sell the rumour, buy the news” outlook.  

SOL price and FTX liquidation

Solana is trading around $19.10 on Friday morning, up 1.5% in the past 24 hours. The slight gains come in a week where collapsed crypto exchange FTX received the court’s go ahead to liquidate $3.4 billion worth of crypto assets as part of its claims plan.

FTX holds $1.2 billion of SOL, but most of that is staked/locked up as per various contracts. Only a fraction will be released monthly, suggesting little impact on price as markets have largely priced in this scenario.

In his comment on the price of Solana after FTX received the court’s nod, Michael van de Poppe said:

“The Solana, which corresponds to $1.2 billion of the assets of FTX, is mostly staked and can’t be sold. Now, what’s next?

First of all, FTX can sell up to $200m of assets on a weekly basis for their corresponding clients so the liabilities could be erased. This can add some additional sell pressure on the markets, but that’s probably already priced in. The major fact is that we should be seeing a case of Solana being sold off massively, but as an anticipation, Solana was already sold off entirely in the past week and could result into a ‘sell the rumour, buy the news’ type of thing.”

The analyst notes that most of the SOL that FTX holds cannot be sold and that of the amount that could hit the market, it’s “mostly sold already.”

The post Analyst on Solana: Could be “sell the rumor, buy the news” for SOL appeared first on CoinJournal.

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Bitcoin price rebound sends profit taking deals to 2-month high

  • Bitcoin rose to highs above $26,800 on Thursday, before profit taking pushed kicked in to see it trade lower.
  • An analyst says price below the 200-week MA represents buying opportunity.
  • Meanwhile, address activity remains high, with 1.1 million BTC send or received daily.

Bitcoin spiked above$26,800 overnight Thursday as bulls bounced to hit its highest level since the decline to below $25k on Monday. 

Traders eye profits after BTC bounce 

With Friday looking likely to see a fourth consecutive green candle, the push to above $26,849 illustrated bulls’ resilience in a historically tough September.

However, the rise in profit ratio over the past three days has also seen BTC face a spike in profit taking deals. On-chain data shared via a chart by market intelligence platform Santiment shows that traders took advantage of the upside bounce to pinch small profits.

Per the data, Thursday saw the highest ratio of profit vs. loss taking in two months. Even then, address activity remained elevated to sit at 5-month highs, with an average of 1.1 million Bitcoin addresses either sending or receiving BTC daily. According to Santiment, Bitcoin’s address activity hovered at its highest level since April.

What next for BTC?

Bitcoin’s +5% rebound over the past three days represents the first streak of gains since the sharp spike on 29 August. Bullish flip above $26k could be a great signal for bulls. However, the market remains largely constrained and volatility is likely to be on the downside as traders hunt for profit taking moves.

BTC is also below its 200-week moving average, the same region that constrained prices for months but as crypto analyst Rekt Capital says, the region has previously “represented a bargain-buying territory.” Bitcoin is once again in this region.

The post Bitcoin price rebound sends profit taking deals to 2-month high appeared first on CoinJournal.

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Latin America At The Forefront Of Crypto Adoption in 2023

Cryptocurrency adoption in Latin America is on the rise, accounting for 9.1% of the global crypto value received in 2022 and totaling $562 billion from July 2021 to June 2022. This massive surge can be partially attributed to regulatory developments and institutional adoption. Authorities in the region are actively working on central bank digital currencies (CBDCs) and refining regulatory frameworks, bringing stability and clarity to the crypto landscape.

Latin American companies are also exploring blockchain technology’s potential to address regional challenges. Notably, Mercado Bitcoin issued Brazil’s first stablecoin, MBRL, in partnership with Stellar. Colombia plans to introduce its digital currency to enhance transparency and combat tax evasion, while cities in Argentina accept cryptocurrencies for tax payments to combat inflation. 

In what follows, we take a closer look at the key factors driving Latin America to the forefront of cryptocurrency adoption. 

Storing value against inflation 

Inflation has become a driving force behind the increasing adoption of cryptocurrencies in Latin America. In Argentina, where the inflation rate stood at 113.4% in July of 2023, cities like Buenos Aires and Mendoza have taken the progressive step of accepting cryptocurrencies for tax payments. Additionally, the Santa Fe Province is exploring crypto-mining activities to fund essential rail infrastructure upgrades.

Meanwhile, Venezuela, grappling with an alarming year-on-year inflation rate of 115%, has witnessed an astronomic rise in crypto adoption. Its national currency, the Bolivar, has depreciated by over 100,000% from 2014 to 2022. Amidst the unyielding inflation rates, Venezuelans have grown reliant on crypto as a store value. In 2022, for example, the country received $37.4 billion in cryptocurrency transactions, with 34% of these transactions involving stablecoins. 

Tokenization

Tokenization has emerged as another significant catalyst for crypto adoption in the region. Countries like Brazil have advanced in their Central Bank Digital Currency (CBDC) project, focusing on “asset tokenization.” This innovation involves converting real estate, stocks, and commodities into digital representations, streamlining transfers and enhancing asset liquidity.

The tokenization of financial assets, including corporate bonds and real estate debts, has democratized investment opportunities, granting access to a broader audience. Latin America’s persistent issue of double-digit interest rates, driven by soaring inflation rates, has amplified the appeal of tokenized assets. Investors in search of predictable returns and reduced volatility have turned to this novel approach.

Beyond traditional finance, Latin America has also witnessed the tokenization of music and art, providing artists with greater international exposure. 

Crypto casinos and pay-to-earn games 

The past few years have seen the rise of crypto gaming, with crypto casinos and pay-to-earn games amassing a large following. In major crypto casinos, for example, users can try their luck at slots, poker, roulette, or play Bitcoin baccarat online. Transactions like deposits and earnings are carried out using a wide range of cryptocurrencies, including Ethereum, Litecoin, and Binance Coin. 

Play-to-earn games, on the other hand, have surged in popularity in Venezuela, Brazil, and Argentina. Built on blockchain networks, the games allow players to invest in in-game NFTs (characters, skins, and special items) and then earn tokens by playing. 

One standout title in this genre is Axie Infinity, where players collect and battle creatures represented as NFTs. Latin America now accounts for a quarter of all Axie Infinity users and ranks as the second-highest growth region.

To conclude

Rising inflation, tokenization, and the popularization of crypto gaming have led to an unprecedented increase in cryptocurrency in several Latin American nations. Yet, crypto adoption in the region still faces significant risks and challenges. Vulnerable Latin American countries grapple with macroeconomic instability, widespread corruption, and informal economies. While regulatory frameworks are evolving, education and awareness of blockchain technology are still lacking. To conclude, as the landscape in Latin America continues growing and evolving, we can expect effective strategies to harness the potential benefits of crypto while mitigating risks.

 

The post Latin America At The Forefront Of Crypto Adoption in 2023 appeared first on CoinJournal.

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ATOM price outlook after Cosmos Hub’s upgrade for liquid staking

  • Cosmos Hub’s Liquid Staking Module just went live, bringing new utility to ATOM.
  • ATOM price has jumped 3% in the past 24 hours after seeing a slight increase on Wednesday.

Cosmos Hub, the interchain service provider of the Cosmos Network and blockchain platform powered by the native token ATOM, had a major upgrade this week. This is after the platform’s Liquid Staking Module went live on September 12, adding to ATOM’s utility within the DeFi ecosystem.

Cosmos Hub’s liquid staking model is now live

With Cosmos Hub’s upgrade and unlocking of the Liquid Staking Module, ATOM holders have fresh access to new yield opportunities. LSM means tgose with ATOM can now liquid-stake already staked ATOM tokens without havig to wait for the 21-day unbonding period to elapse.

This is good news for ATOM holders as it means they can participate more in the DeFi ecosystem and still earn from staking yield. One can unstake ATOM and directly liquid-stake it, this time with no 21-day restriction.

The community should however note that an initial cap of 25% has been set on the total amount of ATOM that can be liquid-staked. Other measures to “mitigate liquid staking risks” have also been instituted via governance-controlled parameters.

“As an additional security feature, validators who want to receive delegations from liquid staking providers would be required to self-bond a certain amount of ATOM,” Cosmos Hub announced.

ATOM price outlook

The market’s reaction to the upgrade was a bump in the price of ATOM. Amid the buy pressure, the token’s value rose to highs of $6.80 on Thursday. CoinGecko data shows the cryptocurrency is currently 3% up in the past 24 hours.

While price has seen an upside over the past two days, ATOM remains largely in a downtrend since the year-to-date peak above $15 in February. The RSI and MACD indicators on the daily chart continue to give bears the upper hand, while price is poised at a key resistance-turned-support zone.

Cosmos Hub (ATOM) price chart. Source: TradingView

ATOM needs to bounce off the highlighted horizontal support or risk a nosedive to below $2. The main upside hurdle would be near YTD level.

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