Shiba Memu token has raised over $1.1 million in the past few weeks.
The token will likely do well as the Fed delivers the last rate hike.
The Artificial Intelligence (AI) industry is doing well as adoption and investments rise. On Tuesday, companies like Microsoft and Alphabet said that their AI tools were gaining momentum as demand jumped.
At the same time, top AI cryptocurrencies like SingularityNET and Fetch.ai have held quite well recently. Worldcoin, the coin launched by ChatGPT’s founder has jumped by almost 50% in the past three days. So, is Shiba Memu the next big thing in crypto?
Fed to end rate hike
There were three main news this week. First, the earning season continued in the United States as over 150 companies in the S&P 500 index published their results. Microsoft and Alphabet, two of the biggest companies in the US published strong financial results. Most importantly, the said that the development and adoption of their AI tools was gaining momentum.
The other big news was the launch of Worldcoin, a new cryptocurrency founded by Sam Altman, the founder of ChatGPT. Worldcoin is a cryptocurrency that is made up of a privacy-preserving digital identity known as World ID. WLD is a cryptocurrency that can be used internationally, as we wrote here. It also has some AI features.
The strong performance of Worldcoin is a testament that there is still demand for unique cryptocurrencies and technologies.
Finally, the Federal Reserve will deliver its interest rate decision on Wednesday. This will be an important decision since it could be the final hike of the year. Analysts believe that the bank will hike by 25 basis points and push rates to the highest point in 22 years. But with inflation falling, there is a likelihood that this will be the final increase.
A decision to pause interest rates will be necessary since inflation has fallen while there are signs that the economy is slowing down. Such a move will be positive for cryptocurrencies and other assets.
Shiba Memu token sale continues
The other important crypto news during the week was the strength of Shiba Memu, a new cryptocurrency that incorporates AI and meme coin features. The hype surrounding the token has continued rising, which has helped it raise over $1.18 million in the past two weeks. The creators have sold over 40 million tokens in the first phase of the process.
Shiba Memu’s goal is to leverage the strength of two important themes in the market: meme coins and AI. This year, we have seen the strength of several new meme coins like Pepe and Milady Meme Coin do well. At the same time, AI tokens like Fetch.ai and SingularityNET have jumped by more than 500%.
Therefore, there is a likelihood that the Shiba Memu coin will continue doing well when it is finally released in exchanges like Uniswap and Binance. You can read the Shiba Memu white paper here and buy the token here.
Still, you should be aware of the risks of investing in presale tokens. It is a high-risk and high-reward way to make money. As such, you should only invest a small portion of your money.
The post Shiba Memu could be the next big thing as Fed prepares last hike appeared first on CoinJournal.