Cryptocurrencies are still sleeping as Shiba Memu flourishes

Cryptocurrencies are still sleeping as Shiba Memu flourishes
фото показано с : invezz.com

2023-7-30 13:18

Cryptocurrencies have been in a tight range in the past few weeks. Bitcoin, the biggest coin in the world, has remained at $29,000 while the total market cap of all digital coins has been stuck at $1.1 trillion. 

Additional data shows that liquidations have fallen and open interest in the futures market has dwindled. Further, the volume of coins traded in centralized and decentralized exchanges has continued moving downwards for a while now.

Waiting for the next catalyst

Bitcoin and other cryptocurrencies have struggled as investors wait for the next catalyst. Some of the recent catalysts have had a minimal impact on the industry. For example, the Federal Reserve decided to hike interest rates by 0.25% this week, pushing them to the highest level in over 22 years.

At the same time, additional data from the US revealed that inflation was easing. The consumer price index (CPI) dropped to 3.0% while the personal consumer expenditure (PCE) index dropped to 3.1%. PCE is the inflation gauge that the Federal Reserve favours the most.

Therefore, cryptocurrencies reacted mildly even as some analysts cautioned that the Fed was done hiking rates this month. In the past, such a statement would have pushed them sharply higher.

Cryptocurrencies also lost momentum after the SEC vs Ripple case outcome. In her decision, the judge overseeing the case ruled that XRP was not a security, handing the crypto industry one of its top victories.

A likely reason for the underperformance is that investors are moving their cash to the better-performing equities market. Indices in countries like the United States, Japan, and Germany have done well this year, attracting more investors.

Shiba Memu token sale gains steam

While the crypto industry has been muted, Shiba Memu’s token sale is gaining steam. The token sale has raised over $1.28 million in less than a month. This makes it one of the best-performing token sales this year. 

You can buy Shiba Memu token here.

For starters, Shiba Memu is an upcoming cryptocurrency that is focusing on two important and fast-growing areas in the market: meme coins and artificial intelligence. Memecoins like Pepe have outperformed other traditional currencies and made many millionaires.

At the same time. AI-focused cryptocurrencies like Fetch.ai and SingularityNET have all surged by more than 5005 this year. Therefore, by combining these two technologies, Shiba Memu aims to capture these two important sectors.

Shiba Memu will apply AI in its marketing strategies since the platform will be able to autogenerate marketing information. 

Another reason to buy the Shiba Memu token is that its price is increasing every day. This means that original buyers have seen the value of their tokens rise. This trend will continue in the coming months as the token sale continues.

The post Cryptocurrencies are still sleeping as Shiba Memu flourishes appeared first on Invezz.

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Источник: invezz.com

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