Schlagwort: crypto business

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Shiba Memu rides meme coin and AI mania as project raises $994k

  • 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.

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Should you buy Ethereum as it diverges from Bitcoin?

  • 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.

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US Senate’s new bill proposes “unworkable obligations for DeFi”, Crypto Council says

  • The Crypto Council for Innovation says the new AML bill provides no workable framework for illicit finance in DeFi.
  • According to the crypto alliance, the bill’s proposals go “in the opposite direction” to what the proper approach should be.
  • The CCI says legal obligations highlighted in the bill are “arbitrarily placed on persons”.

A bill introduced in the US Senate on anti-money laundering and other illicit finance activities in the decentralised finance (DeFi) space “fails to provide a workable framework”, the Crypto Council for Innovation has said.

The bill was introduced by Senators Jack Reed (Rhode Island) Mike Rounds (South Dakota), Mark Warner (Virginia) and Mitt Romney (Utah). Its proposals include the application of AML obligations to DeFi protocols and crypto ATMs.  

CoinJournal reported on the new DeFi bill’s proposals earlier today.

Legal obligations are arbitrarily placed on persons

The CCI, which represents a group of industry leaders and players committed to advancing the crypto industry, has released a statement noting that the bills’ proposals, including the proposed requirements aimed at backers and facilitators of DeFi fall short of a “workable framework.”

Although it notes that illicit finance is a legitimate national security concern, the council faults the bill’s framers for going “in the opposite direction” with regard to the DeFi sector.

“Illicit finance is a legitimate national security concern, and while its volume is tiny in crypto compared to TradFi, leveraging the transparency & programmability inherent in blockchain systems to derive appropriate compliance measures unique to crypto is a good idea. Unfortunately, this bill goes the opposite direction. It places legal obligations arbitrarily on persons who have no actual way to influence protocols once they are deployed, and completely fails to account for the unique attributes of blockchain-backed systems,” the Council said.

One of the issues the CCI points out from the bill is the obligation put on supposed “Digital Asset Protocol Backers.” Per the bill, this would be any person holding more than $25 million worth of a DeFi protocol’s governance token or has invested $25 million or more into the protocol’s development. 

It also places obligations on so-called “Digital Asset Transaction Facilitators”, who would be any person deemed to have control over the protocol or offers access to an application that facilitates transactions on the said crypto protocol.

The Council says these proposals are not only “weird”, but advance vagueness with regard to the definition of “facilitators.” More than that, the group says the bill contains “unworkable obligations” and offers “no actual guidance.”

 “The proposal offers no actual guidance on technical ways for decentralised protocols to comply with BSA reporting requirements. It is not feasible to collect personal identification information from such protocols, and the bill neither tackles this technical complexity nor provides solutions on how to address this limitation.” the Crypto Council noted.

As part of its input on the issue of DeFi regulation, the CCI says it’s collaborating with industry experts, regulators both in the US and from elsewhere to draft a framework for the appropriate regulation of the sector.

“We are consulting with industry experts and regulators in the U.S. and other leading jurisdictions to develop a technologically sound approach to mitigating illicit finance in DeFi,” the statement reads in part.

While its strong-worded statement highlighted what’s not right with the bill, the CCI acknowledges that it is still in the early stages and that its authors are open to dialogue on best way forward. The expectation is that the bill will see “plenty of edits” going forward.

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XLM outperforms XRP as top altcoins eye fresh bounce

  • XLM price rose by 26% to lead the top 100 cryptocurrencies and outshine XRP’s 9% gains in the past 24 hours.
  • Stellar has had a series of positive developments, including its partnership with Bitso announced on Wednesday.
  • XLM could bounce to $0.20 if today’s momentum continues.

Stellar (XLM) is currently the top performing altcoin among the top 100 cryptocurrencies by market cap.

According to data from CoinGecko, XLM price has spiked more than 26% in the past 24 hours as of 2 pm ET on July 19. Stellar’s native token was trading above $0.16, with a short term bullish outlook that suggests bulls could have a fresh go at the $0.20 supply wall.

Stellar’s XLM outpaces XRP

In recent days, its been Ripple’s XRP token that led the market in an upward push following its market-defining win against the US Securities and Exchange (SEC). Stellar rode that wave to hit highs of $0.19 last week. [Read more].

But while XRP remains above prices it traded at prior to Judge Analisa Torres’ ruling that XRP was not a security, its XLM that is outshining the rest of the top 100 coins today.

XRP is trading near $0.83 at the time of writing, roughly 9% up in the past 24 hours. Meanwhile, XLM has jumped from lows of $0.14 to an intraday peak above $0.16. On Tuesday, XLM/USD rebounded off the demand zone near $0.12 to give bulls new impetus seen today.

Stellar XLM price movement on the daily chart. Source: TradingView

XLM/USD is looking for a buffer at the resistance zone near $0.15. If the price holds above this level, it is possible buyers would go for the aforementioned primary target or higher. The bullish outlook is largely helped by the technical picture and the sentiment catalysed by Stellar’s recent series of great news.

Why is Stellar price up today?

As CoinJournal highlighted earlier today, Stellar has partnered with Latin American crypto firm Bitso to bolster international payments to Colombia, Argentina and Mexico using USDC.  This came after Stellar and crypto platform fonbnk1 teamed up to help millions of unbanked across Africa to tap into the blockchain benefits via their prepaid SIM cards.

Stellar also recently announced a partnership with Honeycoin App to enable users across Kenya, Uganda, Tanzania, Nigeria, Ghana and the UK to cash out using their USDC balances at any MoneyGram location in these countries.

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Elon Musk’s tweet causes Dogecoin to pop

  • At press time, Dogecoin (DOGE) was trading at $0.07018 up 3.13% in the last 24 hours.
  • Elon Musk today mentioned “doges” in a tweet.
  • Besides Dogecoin, Musk’s tweet also caused Shiba Inu to a daily high of  $0.00000784.

Well-known dog-themed meme coin Dogecoin (DOGE) today surged to a daily high of $0.07121 after Elon Musk mentioned “Doge” in one of his tweets today.

Musk’s post caused the price of DOGE to surge from $0.069 to $0.07121 in seconds before quickly giving up some of the gains afterwards.

Elon Musk’s history with meme coins

Besides Dogecoin, Elon’s tweet also caused the price of Shiba Inu (SHIB) to also pop.

This is not the first time the crypto markets are reacting to Elon Musk’s tweets. The markets have a long history of responding quickly to Elon Musk’s public comments about cryptocurrencies in general and Dogecoin in particular.

When Musk unveiled an AI-focused company last week to compete with ChatGPT, a well-known chatbot, it caused tokens related to artificial intelligence to soar.

Given his particular interest in DOGE, there is speculation in the cryptocurrency community that Musk could be a significant DOGE holder. Musk’s interest in DOGE came to the limelight when he appeared on “Saturday Night Live” in May 2021, and devoted some time to the meme coin causing its price to surge to its all-time high price of 73 cents.

Today’s tweet mentioning doge came ahead of Tesla (TSLA) second-quarter earnings report expected to be released later Wednesday afternoon.

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