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  • MicroStrategy’s latest BTC purchase sets Bitcoin price in motion

    MicroStrategy’s latest BTC purchase sets Bitcoin price in motion

    • Bitcoin is defending the $26k after the recent MicroStrategy’s latest BTC purchase.
    • Concerns over the US dollar’s impact on BTC may be overstated by investors.
    • Coinbase holds about 5% of the total bitcoin in circulation.

    MicroStrategy’s recent acquisition of Bitcoin worth nearly $150 million has made waves in the cryptocurrency market, causing a notable shift in Bitcoin’s price dynamics.

    The move was a demonstration of MicroStrategy, a prominent business intelligence firm led by CEO Michael Saylor, of its strong commitment to Bitcoin. The recent Bitcoin purchase sent ripples throughout the cryptocurrency world.

    A boost to Bitcoin price

    Before MircoStrategy’s BTC acquisition announcement, Bitcoin had briefly dipped below the $26,000 level, around which it has been hovering for a week. However, as soon as news of the purchase became public, Bitcoin price saw a significant upward movement, gaining several hundred dollars in value and hitting a daily high of $26,421.51.

    In addition to MicroStrategy’s purchase, China’s Shanghai People’s Court also recently made a significant announcement recognizing Bitcoin as a distinctive digital currency, despite the country’s established ban on cryptocurrencies. This recognition has garnered attention, notably due to Justin Sun, the founder of Tron, drawing attention to the Shanghai No. 2 Intermediate People’s Court’s recent publication, which outlines key characteristics of Bitcoin.

    The Shanghai court clearly distinguished Bitcoin from virtual counterparts like Q coins, emphasizing its unique attributes. These include Bitcoin’s scarcity, widespread global acceptance, and intrinsic monetary qualities. This acknowledgement represents a notable departure from China’s traditional classification of cryptocurrencies primarily as speculative investments.

    The recognition by the Shanghai People’s Court marks a shift in how Bitcoin is officially perceived within the Chinese legal system. While the ban on cryptocurrencies remains in place in China, this recognition of Bitcoin’s distinct nature as a digital currency signifies a nuanced perspective on its role and significance within the broader financial landscape. It highlights the evolving discourse surrounding cryptocurrencies in China and their potential utility beyond speculation.

    Bitcoin’s resilience

    Despite the volatility in recent weeks, Bitcoin has shown resilience. Last week, it reached a 20-day high at $27,500, only to experience a drop to $26,400 by the end of the business week, partly influenced by the US Federal Reserve’s latest meeting.

    The weekend remained relatively stable, with Bitcoin maintaining a level of around $26,600. However, Monday started on a bearish note, leading to a temporary dip below $26,000.

    MicroStrategy’s announcement acted as a catalyst, helping Bitcoin recover from this low point. While MicroStrategy’s continuous accumulation of Bitcoin strengthens the company’s position as a major institutional investor in the cryptocurrency, it also underscores the growing acceptance of Bitcoin as a valuable digital asset.

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  • Shiba Memu, Hifi finance, and Bitcoin price prediction

    Shiba Memu, Hifi finance, and Bitcoin price prediction

    • $26,500 level holds the potential to serve as a pivotal point for Bitcoin price.
    • According to market analysts, Hifi Finance could hit the highest price of $1.0.
    • At press time, one Shiba Memu (SHMU) coin was going for 0.028225 USDT.

    The crypto market is once again on a bull cycle after a brief bear market that saw Bitcoin briefly drop below $25,000. As the crypto market rallies a number of cryptocurrencies among them Hifi Finance, Bitcoin, and Shiba Memu are trending.

    Shiba Memu, a new cryptocurrency project is riding the meme coins and artificial intelligence wave. Alhough its first target is to contend the top position among meme coins, the coin will most likely be among the top cryptocurrencies by the end of 2023 going by the way investors are trooping to the project.

    Shiba Memu is currently in the presale phase and it has already raised $2,931,352.80. Besides using AI to market itself, the price of Shiba Memu (SHMU) beeps adjusting upwards every few hours, which could be a great proposition for investors.

    Bitcoin price prediction

    Upon conducting a thorough technical analysis of Bitcoin’s current position, it reveals a prudent inclination towards a bearish trend. At present, Bitcoin finds itself positioned slightly above the $26,500 support level, which was once a formidable resistance. It maintains a relatively stable position just above the $26,800 resistance, indicative of a potential formation of a double-top pattern.

    Bitcoin price chart

    An important feature to note is the presence of a descending trend line at approximately $26,750, which could act as a restraining factor for Bitcoin’s upward trajectory. Should Bitcoin manage to breach this trend line, it may set its sights on the $27,000 level. Beyond this threshold, the $27,600 level looms as a significant resistance, and surpassing it could potentially open the path towards the coveted $28,000 milestone.

    Conversely, if Bitcoin fails to overcome the $26,750 trend line, it might retrace its steps towards $26,600 or, in a more bearish scenario, revisit the $26,000 support level. Such a retracement could trigger heightened selling pressure, potentially leading to a decline in price to around $25,250.

    Importantly, various technical indicators, including the 50-day exponential moving average and the relative strength index, signal the possibility of a forthcoming bullish momentum. Investors should maintain a vigilant watch on the $26,500 level, as it holds the potential to serve as a pivotal point. Prices surpassing this level could indicate favorable buying signals, while prices below it might suggest a tendency towards sell signals.

    Looking ahead to the upcoming week, several pivotal economic events are poised to exert influence on Bitcoin’s price dynamics, given the cryptocurrency’s correlation with macroeconomic factors. On Wednesday, September 20th, all eyes will be on the Federal Reserve as it releases its Federal Funds Rate, which is presently set at 5.50%. Simultaneously, market observers will eagerly anticipate the FOMC Economic Projections, FOMC Statement, and the ensuing FOMC Press Conference scheduled for 18:30. The stance adopted by the Federal Reserve, whether dovish or hawkish, can potentially trigger significant volatility in traditional markets, a phenomenon that often cascades into the cryptocurrency market.

    Moving to Thursday, September 21st, this day will bring forth Unemployment Claims data, with analysts predicting a slight increase to 222,000 from the previous figure of 220,000.

    Concluding the week on Friday, September 22nd, we will witness the release of the Flash Manufacturing PMI and Flash Services PMI, projected to be at 47.9 and 50.8, respectively. These indices offer valuable insights into the overall economic health and, if they deviate significantly from expectations, they can indirectly influence Bitcoin’s price by affecting market sentiment.

    Hifi finance price prediction

    Hifi Finance (HIFI) experienced a sharp decline in price following an impressive seven-day rally that had long been anticipated by token holders, ending a period of extended consolidation. This surge and subsequent drop occurred while Bitcoin (BTC) prices remained relatively stable, leaving the broader market yearning for a catalyst. In the midst of this, analysts suggest that the current environment is conducive for investing in alternative cryptocurrencies (altcoins).

    Hifi Finance’s price exhibited substantial volatility during this period. Over the past week, Hifi Finance (HIFI) witnessed an astounding 362% surge against the Tether (USDT) stablecoin on the Binance Exchange, concluding the trading session on September 16 at $2.320. This surge followed its breach of the psychologically significant $2.5000 level, reaching an intraday peak of $2.635.

    The sudden rise in Hifi Finance’s price was closely linked to a significant surge in trading volume on the Korean exchange Upbit. Upbit Korea accounted for approximately 65% of the total trading volume for the asset on that Saturday, with Wu Blockchain reporting a remarkable 208% increase in trading volume. It was noted that Upbit led the way in spot trading, accumulating up to $717 million in trading volume over the previous 24 hours. However, the price experienced a substantial decline of around 40% within the last day, triggered by Binance’s introduction of the HIFI perpetual contract.

    Notably, there was a noteworthy discrepancy between the prices of HIFI in the futures market and the spot market. HIFI futures were trading at a -40% premium compared to spot prices, a rare and perplexing phenomenon that raises concerns about the dynamics of Hifi Finance’s price.

    A perpetual contract, similar to a futures contract, is a derivative instrument but lacks an expiration date. It represents an agreement between two parties to buy or sell an asset at a fixed price without a specified expiry date. This allows traders to speculate on the asset’s value using leverage without the need to worry about their contracts expiring. While perpetual contracts offer the potential for amplified profits, they also carry the risk of rapid liquidation of traders’ positions if the asset’s price experiences a significant drop.

    The decline in HIFI’s price on Binance following the introduction of the perpetual contract can be attributed to several factors. Perpetual contracts provide increased liquidity, tighter spreads, and resistance to market manipulation, making them an attractive choice. It’s worth noting that Korean traders have been associated with pump-and-dump practices in the past. CryptoQuant CEO Ki Young Ju pointed out that this behavior may be influenced by the region’s strict capital controls, which limit arbitrage opportunities between global exchanges.

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  • BitMEX co-founder says BTC price may rise if monetary policies tighten

    BitMEX co-founder says BTC price may rise if monetary policies tighten

    • The Federal Reserve has increased its benchmark rate from 0.25% to 5.25% over the past year.
    • BitMEX co-founder believed that bondholders might seek more lucrative “risk assets,” such as Bitcoin.
    • Bitcoin’s four-year cycles might be linked to central banks’ low-rate policies.

    Challenging the conventional wisdom regarding the relationship between Bitcoin and interest rates, BitMEX co-founder and a well-known macro-analyst Arthur Hayes recently authored a blog post in which he argues that traditional economic logic would crumble under the immense debt burden of the US government.

    Hayes said that “central banks and governments are grappling with the use of outdated economic theories to address the unique challenges of today.”

    Hayes’ assertions come as the Federal Reserve increased its benchmark rate from 0.25% to 5.25% over the past year in an effort to curb inflation and maintain a 2% target. Although the Fed has succeeded in this endeavour, Hayes voiced concerns that inflation might persistently exceed expectations, given the substantial nominal GDP growth of 9.4% in Q3, contrasted with the 5% yield on 2-year US Treasury bonds.

    GDP growth remains astonishingly high

    In his analysis, Hayes highlighted that according to data from the Atlanta Fed’s GDPNow forecast, nominal GDP growth remained “astonishingly high.” Conventional economic theory would suggest that as the Fed raised rates, a credit-sensitive economy should falter. Indeed, this was evident in financial asset markets, including stocks and Bitcoin, which experienced a downturn in 2022, eroding government capital gains tax receipts.

    However, this decline in tax revenue led to increased government deficits, which needed to be funded by issuing more bonds to repay existing debt. In the context of a high-interest-rate environment, this translated to higher interest payments to wealthy bondholders.

    Hayes succinctly summarized this chain of events: “To summarize: as rates rise, the government pays more interest to the wealthy, the wealthy spend more on services, and GDP continues to grow.”

    As long as the economy outpaces the government’s debt obligations, Hayes believed that bondholders might seek more lucrative “risk assets,” such as Bitcoin.

    Efforts to combat inflation favour high-risk assets like Bitcoin

    Hayes contended that the Federal Reserve’s efforts to combat inflation would ultimately favour “finite supply risk assets” like Bitcoin. In a recent blog post, Hayes argued that the Fed’s strategy was siphoning money from one part of the economy while injecting it into another. As long as the Fed’s approach to taming inflation remained uncertain, assets like Bitcoin were likely to experience long-term growth.

    In a previous essay, Hayes had posited that Bitcoin would thrive in response to a tightening Fed, whose actions might inadvertently increase the money supply. He asserted, “If the Fed believes that it must raise interest rates and reduce its balance sheet to quell inflation, it’s essentially self-sabotaging.”

    Generally, analysts perceive lower interest rates as beneficial for Bitcoin and other risk assets, as they create an environment where investors have room to speculate for potentially higher returns. In June, Coinbase analysts issued a report suggesting that Bitcoin’s four-year cycles might be linked to central banks’ low-rate policies.

    Hayes acknowledged the positive influence of low rates on Bitcoin’s price, characterizing the asset’s relationship with central bank policy as a “positive convex relationship.” He concluded, “At the extremes, things become non-linear and sometimes binary. The US and the global economy are currently operating in such an extreme environment.”

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  • Prediction markets tokens rise as other tokens dip: Gnosis, Augur price outlook

    Prediction markets tokens rise as other tokens dip: Gnosis, Augur price outlook

    • Bitcoin has suffered its worst weekly percentage loss since the collapse of FTX.
    • Some of the factors behind the dip include reports of SpaceX selling its BTC holdings and the Chinese property giant Evergrande bankruptcy filing.
    • Top prediction markets tokens have maintained a bullish trend amid the crypto meltdown.

    In what has caught most crypto investors by surprise, the price of Bitcoin (BTC) has decreased by 11.2% to about US$26k. Last week has been the worst week for Bitcoin (BTC) since FTX’s demise in November 2022.

    The market crash has not only affected BTC, seeing that the rest of the asset class has not fared any better. Ethereum (ETH) fell by approximately 9.5% to $1.7K and Binance-coin (BNB) dropped by about 9.8% to $217, just to mention a few of the top cryptocurrencies by market capitalization.

    While most of the top cryptocurrencies experienced a price dip, popular prediction markets tokens like Gnosis (GNO), SX Network (SX), Kleros (PNK), and Augur (REP) registered significant gains. Chancer (CHANCER), a new prediction markets token is also gaining traction as its token presale continues to gain traction.

    What caused the crypto market to drop?

    The price decrease was caused by a number of causes. They included speculation that SpaceX wrote down the value of its Bitcoin assets, the collapse of the Chinese real estate firm Evergrande, and rising yields in the US.

    SpaceX Bitcoin holdings

    The Wall Street Journal published a report late last week stating that Elon Musk’s space exploration company SpaceX marked down the value of the Bitcoin it had on its books by US$373 million for the years 2022 and 2021. The report claims that the business also sold a portion of the BTC it had at one point over the previous two years. The WSJ has identified documents that it claims offer uncommon insights into the business’s finances.

    However, the WSJ’s assertions cannot be independently verified because SpaceX is a privately held corporation. Musk acknowledged that SpaceX did acquire Bitcoin during a panel appearance in 2021, but it is unclear how much or when the commodity was purchased.

    Evergrande bankruptcy 

    In a disclosure made over the weekend, the Chinese real estate tycoon Evergrande filed for bankruptcy protection in the United States. The corporation reportedly took action to secure its assets while still trying to control its creditors.

    Before proposing a comprehensive off-shore debt restructuring program in 2021, Evergrande experienced a public meltdown and went into default on its obligations. The business currently seems to be on life support.

    Investors are worried that China’s enormous real estate market may become contagious. Country Gardens and other significant developers are not paying their debts either, and the industry—which is thought to account for up to 30% of Chinese GDP—is in serious need of government assistance.

    US Treasury yields

    US Treasury yields are skyrocketing and pushing away investors from risky markets like the crypto market and toward saving. As the US Federal Reserve gradually increased rates throughout the previous year to reach a target rate of slightly over 5%, bond yields increased.

    As strong US economic data keeps coming out, yields have increased this week in anticipation that rate rises will continue. Since 2011, the 30-year US Treasury yield has never been higher. Treasury bonds give a high, secure yield, which is detracting from the value of other asset types like shares and cryptocurrencies.

    Gnosis and Augur price prediction

    Gnosis has risen by 0.2% while Augur has registered a 1% surge after a bear week. In the past seven days, Gnosis dropped by 8.8% while Augur fell by 11.7%.

    Gnosis price daily chart

     

    Having bounced off the support at $97.60, the Gnosis (GNO) token is expected to test the resistance at $104.75. However, that depends on whether the current daily candlestick closes above the lower band line of the Bollinger Bands indicator.

    Augur price daily chart

     

    Augur, on the other hand, seems to have slid into consolidation after erasing most of the gains it made between July 19 and July 20. All eyes are on the support at $0.3246 and the resistance at $2.1844. If the REP price jumps above the upper Bollinger Bands line, it could test the $2.1844 resistance level and if it drops below the lower Bollinger Bands line, it could drop to the support at $0.3246.

    The prediction markets tokens including Chancer, are expected to experience significant price gains as popular games including the English Premier League and the American MSL gather steam.

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  • Price prediction for Kaspa, Hedera and Shiba Memu

    Price prediction for Kaspa, Hedera and Shiba Memu

    • Kaspa (KAS), Litecoin (LTC) and Tron (TRX) are among top gainers today as crypto markets eye a rebound.
    • But Hedera and Shiba Inu, one of the most popular crypto meme coins, has suffered notable declines in the past 24 hours.
    • New meme coin Shiba Memu has raised over $2.16 million in its presale as AI drives interest.

    The crypto market is still searching for a sure footing amidst a tricky terrain wrought with likely traps. Last week’s sharp sell-off that crashed Bitcoin to lows of $25k and Ethereum to under $1,600 has many token trading at or below key levels, with the likes of XRP leading a weekend bounce that has seen Kaspa, Litecoin and Tron among top gainers early Monday.

    Elsewhere, Hedera’s outperformed in recent days but it’s among top losers in the past 24 hours. Shiba Inu price has declined further as the troubled launch of Shibarium adds to the downside pressure.

    While analysts are bullish on crypto long term, here’s the short term outlook for Kaspa, Hedera as well as overview of Shiba Memu. 

    Kaspa price prediction

    Kaspa has posted a significant uptick, rising 5% in the past 24 hours to trade above $0.043. But while the GHOSTDAG proof-of-work cryptocurrency is up on the day, price remains 16% off its recently reached all-time high above $0.051.

    Zooming out, we see a recently formed cup and handle pattern. KAS has performed a breakout and retest of the support area and could embark on another upward break. The daily stochastic RSI also shows bullish divergence.

    If price breaks higher, bulls should be able to test resistance in the $0.046-$0.050 zone.

    Hedera price prediction

    The price of HBAR, the native token of the decentralised public blockchain Hedera, has declined 3% in the past 24 hours. However, despite paring gains, HBAR price is nearly 15% up in the past month.

    As highlighted here, HBAR gained some momentum after FedNow added Hedera micropayments platform Dropp Inc. The positive outlook for the token remains if bulls prevent a decline below the crucial technical level of $0.060. 

    Despite declines, HBAR remains in an ascending channel. Resistance is likely at $0.064, with immediate targets including $0.077 to $0.085. On the flipside, the area around $0.054 becomes a “must-defend” for bulls.

    What is Shiba Memu?

    Shiba Memu, a new artificial intelligence powered cryptocurrency, is nearing the final phase of its hugely successful token presale. The meme coin looks to leverage natural language processing, predictive analytics and image/video recognition to build a self-sufficient protocol driven by an AI dashboard and native token dubbed SHMU.

    The new meme dog coin is expected to hunt down rivals via a marketing strategy comparable to 100 marketing agencies, thanks to AI. Interest in SHMU and its potential as an investment has seen investors pour over $2.16 million into the token sale. 

    Learn more here.

    Shiba Memu price prediction

    SHMU price has increased from $0.011125 to currently $0.021700. An interesting fact about Shiba Memu presale is its pre-programmed increases that take place every day at 6pm GMT. Investors knowing this offers a clarity of what to expect.

    The expected price increase will take the value of SHMU during the offer to $0.024400. BitMart is already one of the exchanges expected to list SHMU, and demand when tokens launch on more crypto exchanges could help push prices higher.

    It’s a scenario that could see SHMU prices explode to $0.1 when the AI dashboard goes live. The bullish outlook strengthens if crypto’s next bull cycle comes into play.

    However, the short term picture is one where investors are likely to pay attention to the regulatory environment – particularly around the US Securities and Exchange Commission (SEC). One key segment being watched is the potential approval of Ethereum Futures ETFs and spot Bitcoin ETFs. The progression of the SEC vs. Ripple lawsuit is another, while traders will be mindful of the macro environment.

    A bullish combination of these factors could be crucial for cryptocurrencies, including Shiba Memu.

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  • Taraxa (TARA) price up 800% this past week: What’s next?

    Taraxa (TARA) price up 800% this past week: What’s next?

    • Taraxa (TARA) has pumped more than 35% in the past 24 hours.
    • TARA, native to the BlockDAG-powered smart contracts platform, has outperformed by over 800% in the past one week.

    Taraxa (TARA) is one of the trending cryptocurrencies today, with its price hitting intraday highs of $0.014 on Wednesday. 

    The outperformance seen on the day dwarfed most altcoins in the top 500 by market cap list, with the intraday pump including over 35% in the past 24 hours.

    What’s next for TARA price after monstrous gains?

    Taraxa, an EVM-compatible smart contract platform that launched via an ICO in March 2021, traded to the all-time high of $0.07 that month. However, with the crypto winter, the blockDAG-based platform’s native token plummeted to near $0. It remained constrained around $0.001 until August 1 when it suddenly exploded.

    TARA’s upside over the past week comes as the community responded to the potential of AI integration with an efficient BlockDAG-powered layer-1 blockchain. Usage and adoption across social analytics, dApps development and multi-layered IP licensing look to be aiding the positive outlook for the token.

    A recent AMA by the team also looks to have shone some spotlight on the token.

    According to data from CoinMarketCap, Taraxa’s daily trading volume rose nearly 200% to over $12.46 million as bulls tested the price level last seen in December 2021. The gains have TARA trading more than 800% up in the past week, with performance over the past 30 days accumulating to 1,021% at the time of writing.

    TARA price chart. Source: TradingView

    From a technical perspective, TARA is firmly in overbought territory as suggested by the overextended RSI on the weekly chart. This suggests immediate term profit-taking weakness is likely. The weekly MACD however shows there’s still room for further strengthening, which could allow for a move to $0.02.

    The downside nonetheless presents the past of least resistance and a retreat to support at the $0.006 mark could open up a bearish flip to $0.002.

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  • Akash Network price jumps 12% to $0.70: What next for AKT?

    Akash Network price jumps 12% to $0.70: What next for AKT?

    • Akash Network price was up 12% in the past 24 hours.
    • The AKT/USD pair reached highs near $0.70, and needs to flip the hurdle into support to strengthen upside momentum.
    • Hype around AI and cloud computing could add to the bullish outlook.

    Akash Network, a decentralized marketplace for cloud computing, has seen the price of its native token AKT jump by more than 12% in the past 24 hours.

    While the resistance level at $0.70 remains key for bears, bulls’ sharp bounce over the past day has AKT trading in a positive trend. With altcoins also mirroring Bitcoin’s trajectory, the latest upsurge could be the base for a fresh attempt at recapturing the coveted $1.00 level.

    Akash Network price prediction

    Selling pressure saw AKT lose the important $1.00 level in May 2022, with lows of $0.22 reached in May this year. Since then, bulls have hit the $0.75 zone twice in the past two months. However, rejection at the level meant a retest of support at $0.50 in mid-July.

    Prices have however remained above an ascending trendline support, suggesting bulls are still determined to reclaim the upper hand. If price breaks above $0.75, it could go on to retest the supply wall expected at $1.00.

    Part of the Akash Network’s bullish momentum is likely to come from the launch of its Akash GPU mainnet. After successfully navigating the testnet in May, with multiple AI models tested on the NVIDIA A100, Akash moved a step closer to offering the first open-source marketplace for HD GPUs. 

    Excitement for what could be AI Supercloud, fueled by massive predictions for the artificial intelligence industry, will likely cascade into the AKASH market.

    Akash Network price chart. Source: TradingView

    The daily RSI indicates that momentum remains with the bulls, a scenario likely to be helped by a strengthening of the MACD indicator. 

    Also key is the continued support of the 50-day exponential moving average, currently providing a base at $0.57.

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  • Bitcoin price outlook as Shiba Memu’s presale hits $1.5M

    Bitcoin price outlook as Shiba Memu’s presale hits $1.5M

    Key takeaways

    Bitcoin has been underperforming in recent weeks, down from the $31k level it achieved last month. The world’s leading cryptocurrency by market cap is struggling around the $29k region, and market experts believe it could dip lower in the near term.

    Shiba Memu has continued to set new records with its presale despite the bearish market conditions. 

    BItcoin Stays Around $29k

    The cryptocurrency market has been bearish since the start of the month. The prices of most cryptocurrencies are trading in the red zone despite the positive performance recorded earlier this week.

    Bitcoin has lost more than 1% of its value so far this week and is now trading at $29,119 per coin. Ether, Dogecoin, Solana, XRP, and other leading cryptocurrencies are all down by more than 2% so far this week. 

    Despite the bearish trend, Shiba Memu’s presale continues to set new records. The team has raised more than $1.5 million so far, with more than 52 million tokens sold. 

    What is Shiba Memu?

    Shiba Memu is an exciting project in the cryptocurrency space that seeks to combine the powers of blockchain technology and artificial intelligence. With the rise of AI, their applications have become vast globally. 

    Shiba Memu is a project that wants to leverage AI and blockchain to make it easier for people and organisations to create content and roll out marketing campaigns. 

    In their whitepaper, the team explained that Shiba Memu could handle the task of numerous marketing agencies. As an AI tool, Shiba Memu is always active and will work 24/7 to find the best work going on in creative advertising, consuming it and generating better content marketing. 

    The idea to launch as a meme token has to do with the recent popularity of meme projects in the cryptocurrency space. Within the space of two years, the market cap of meme coins grew from practically $0 to $20 billion in 2022. 

    However, what makes Shiba Memu different from other meme token projects is that it has an excellent use case. Shiba Memu can be regarded as a self-sufficient marketing tool powered by AI technology.

    Shiba Memu can be able to create marketing strategies, roll out PR schedules, and promote campaigns on relevant forums and social media platforms. At the moment, Shiba Memu is available on the Ethereum and BNBChain blockchains. 

    Shiba Memu’s presale hits $1.5M

    Shiba Memu’s presale has been going on excellently despite the bearish trend in the market. The presale has been around for roughly a month now, and the team has raised $1.5 million so far. 

    The Shiba Memu project has sold over 52 million SHMU tokens to raise $1.5 million. The team intends to use the funds to develop some of its products and services. 

    According to their whitepaper, most of the funds generated in the presale would be directed towards developing the Shiba Memu AI technology. By leveraging AI technology, Shiba Memu can provide exciting marketing services to its users. 

    The Shiba Memu platform would also have a robotastic dashboard, allowing users to interact with the AI, provide feedback, make suggestions, and ask questions.

    Click here to find out more about Shiba Memu’s presale event.

    Shiba Memu price prediction

    Predicting Shiba Memu’s price would be impossible at the moment since the SHMU token is still in its presale stage. At the moment, 1 SHMU = 0.017650 USDT. 

    According to the team, SHMU’s price increases every day at 6 pm GMT. In a few hours, the token will go for 0.017875 USDT. 

    SHMU began trading at $0.011125 when the presale began and will trade at $0.0244 when the presale ends. The SHMU token can be purchased using Ethereum, USDT, BNB and BUSD

    Should you buy Shiba Memu today?

    Shiba Memu could be an excellent project for investors to get into. The fact that it is still in its early stage means that it could generate impressive ROI for investors in the medium to long term. 

    As a project, Shiba Memu is combining AI and blockchain technology, making it an interesting meme token. With the right level of adoption, SHMU’s price could rally over the next few months and years. 

    In addition to that, a Bull Run by the broader crypto market could see SHMU’s price also rally higher. So far, Bitcoin and other major cryptocurrencies are up by over 40% year-to-date. 

    A combination of excellent adoption and a Bull Run by the broader crypto market could make SHMU one of the best performers in the market over the coming months. 

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  • Pro delivers a $2 trillion BCH, Solana, Litecoin, Mina, Bitcoin price prediction

    Pro delivers a $2 trillion BCH, Solana, Litecoin, Mina, Bitcoin price prediction

    • An analyst at Standard Chartered delivered a strong Bitcoin prediction.

    • He expects BTC price to jump to $120,000 in 2024.

    Bitcoin price has continued wavering in the past few weeks as investors wait for the next important crypto news and US inflation data. The coin was trading at $30,400, where it has been at in the past two weeks. As a result, the fear and greed index has moved to the neutral point of 56.

    Standard Chartered is bullish on Bitcoin

    Bitcoin price has jumped by more than 90% in 2023, meaning it has outperformed popular financial assets like the Dow Jones and the Nasdaq 100 indices. It has also done better than gold and other metals.

    Now, despite the recent consolidation, some analysts believe that Bitcoin price has more upside in the next few months. The two biggest potential catalysts are the potential for a Bitcoin ETF. Analysts believe that the SEC will accept one or all of the recent proposals by companies like Blackrock and Invesco.

    The other potential catalyst for Bitcoin will be the upcoming halving, which will happen in April next year. Historically, Bitcoin tends to rally ahead of the halving event. We can also look at the spectacular performance of Litecoin price since July last year. Litecoin’s halving will happen in August.

    Some analysts are bullish about Bitcoin. The most bullish analyst is from Standard Chartered. Two months ago, the analyst said that Bitcoin could surge to $100,000 by the end of 2024. In a note this week, the analyst said that he believes that BTC price could jump to $120,000. The analyst cited the ongoing miner activity, saying:

    “It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently. Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year.”

    ‘If Standard Chartered’s Bitcoin prediction is accurate, it means that its market cap could hit over $2.3 trillion by the end of 2024. That’s because BTC has a market cap of over $591 billion.

    Altcoins could jump as well

    If this Bitcoin’s prediction is accurate, it means that other altcoins will do the same. For example, popular proof-of-work coins like Litecoin and Bitcoin Cash could resume their bullish rally. Litecoin has already jumped by over 134% from its 2022 lows. Bitcoin Cash, which is a Bitcoin’s hard fork, has risen by over 100% in the past few weeks.

    These coins are doing well because of their upcoming halving events. Litecoin will go through halving in August while Bitcoin Cash’s will take place in December. These coins will also benefit if the SEC accepts the ETF since more companies will be motivated to launch their ETFs.

    Other cryptocurrencies like Compound, Solana, Mina. and Internet Computer (ICP) could benefit because of the close correlation that exists in the crypto industry.

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  • Crypto Fear and Greed Index Points to Bitcoin Price Path to $40K

    Crypto Fear and Greed Index Points to Bitcoin Price Path to $40K

    Crypto fear and greed index has moved to the greed area ahead of the upcoming Bitcoin options expiry. Bitcoin price was trading at $30,392 on Wednesday, where it has been in the past few days. This price is a few points below the year-to-date high of $31,478. At its peak, the coin jumped by more than 104% from the lowest level in 2022.

    Fear and greed index points to greed

    The crypto fear and greed index has made a strong recovery in the past few weeks. It has moved from the fear zone of 41 to the greed area of 62. This means that investors are getting modestly greedy helped by the recent ETF news. The most recent Bitcoin news came on Tuesday when Fidelity announced that it had filed its ETF proposal with the SEC.

    Investors believe that a spot ETF will lead to more demand for Bitcoin from institutional investors. Still, this view should be taken with a grain of salt since ProShares Bitcoin Strategy ETF (BITO) has had modest growth in the past few years. It now has about $1 billion in assets. While BITO tracks Bitcoin futures, it has a close correlation with Bitcoin itself.

    The fear and greed index points to more upside for Bitcoin since investors tend to buy it when there is greed in the market. Perhaps, these gains will happen ahead or after the upcoming Bitcoin options expiry scheduled for Friday this week. 

    Data shows that most of these options are calls with a strike price of about $30,000. This explains why Bitcoin has barely moved this week.

    Bitcoin price prediction

    A good technical analysis can help you predict the next price action of a cryptocurrency or other assets. Turning to the daily chart, we see that Bitcoin is oscillating at the 50% Fibonacci Retracement level. This is an important level that traders look at.

    At the same time, this is an important price since it was the highest point on April 14th. Most importantly, the coin has formed what looks like a bullish pennant pattern. Therefore, there is a likelihood that the price will soon have a bullish breakout as buyers target the next key level at $35,000. This price is about 15% above the current level. A move above this level will see it jump to the next resistance point at $40,000.

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