2023-11-4 19:33 |
The biggest stories of this week were the Federal Open Market Committee (FOMC) meeting on Wednesday followed by the US non-farm payrolls (NFP) data on Friday. These two events set the tone for what could be the next bull run in the crypto and stock market.
FOMC and US NFP dataThe Federal Reserve concluded its two-day monetary policy meeting on Wednesday. And was widely expected, the bank decided to leave interest rates unchanged between 5.25% and 5.50%, the highest point in more than two decades.
In the accompanying statement, the bank left the door wide open for another rate hike in December or the first quarter of 2024. However, in the press conference, Jerome Powell hinted that the Fed could be done hiking rates.
At the same time, he noted that the bank would continue being data-dependent. In this regard, he said that the bank would focus on jobs and inflation numbers that will come out before the December meeting.
The NFP data published on Friday revealed that the job market was easing. The economy added over 150k jobs during the month while the unemployment rate rose slightly to 3.9%. Also, the labor participation rate dropped slightly.
Therefore, analysts believe that the Federal Reserve is now done hiking interest rates. This explains why American equities had one of their best weeks in months. The US dollar index and bond yields dropped to the lowest points since September.
Shiba Memu could benefitAll this could benefit Shiba Memu and other cryptocurrencies. Indeed, Bitcoin has jumped to the highest point in more than a year while the total market cap of all coins has soared to over $1.3 trillion.
For starters, Shiba Memu is an upcoming meme coin that aims to take advantage of the popularity of cryptocurrencies and artificial intelligence (AI). While the AI hype is falling, there were two important events this week.
Palantir Technologies published strong financial results and forward guidance, which it attributed to the AI demand. At the same time, Microsoft launched Copilot for Enterprise companies.
Shiba Memu aims to become a better meme coin than the other popular ones like Floki, Dogelon Mars, and Shiba Inu by having a full ecosystem. For example, its advanced AI technology will help to automate its marketing process.
All this explains why Shiba Memu is gaining popularity. The developers have already raised over $4.3 million from global investors. And because of the rising demand, they have now extended the presale period to the end of December. You can buy the token here.
🚀Attention #MemuMafia!
First and foremost, a massive thank you to each one of you who voted. Your input and passion drive us forward.
Based on your overwhelming feedback, we’re decisively extending the $SHMU presale for one FINAL stretch, ending on December 30, 2023. 🗓️
🧵
— Shiba Memu (@shibamemu) October 31, 2023
Is Shiba Memu a good investment?Therefore, a common question among investors is whether Shiba Memu is a good investment. We believe that the crypto industry will go through a major rally in 2024, helped by the upcoming Bitcoin halving, interest rate cut by the Fed, and a spot Bitcoin ETF launch.
If this happens, it means that many meme coins, including Shiba Memu will rally as well. However, there are always risks when investing in meme coins and other crypto tokens. For one, these assets are always extremely volatile.
Therefore, if you are planning on investing in SHMU, we recommend that you use quality risk management strategies. For example, only invest in funds that you can afford to lose.
The post The Fed may be done hiking: Time to buy Shiba Memu? appeared first on CoinJournal.
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