2023-8-16 17:43 |
Bitcoin has struggled around the $30,000 level in recent weeks but a notable crypto analyst says it’s at the verge of a breakout.
Bitcoin could soon surpass the $42,000 levelJason Pizzino is convinced that the world’s largest cryptocurrency is no longer in the bear market.
He’s against announcing overly aggressive price objectives but expects BTC to be worth more than $42,000 in the coming months. The journey to that price, though, may come with additional corrections along the way, Pizzino cautioned on Twitter.
Note that the total supply of Bitcoin is slated to halve in H1 of 2024. Historically speaking, that has served as a catalyst for price appreciation. So, it’s conceivable that the cryptocurrency will remain strong into the next year as well.
What’s also important to remember is that Bitcoin tends to act as a bellwether. Typically, therefore, the entire crypto ecosystem gets to benefit when BTC rallies – and that includes not just the names that are broadly known already but also the up-and-coming projects like Shiba Memu.
What you need to know about Shiba MemuShiba Memu is a unique initiative that sits right at the heart of the two fastest growing sectors: cryptocurrencies and artificial intelligence.
At its core, the platform is a “marketing powerhouse” in its own words that relies on artificial intelligence to be just as efficient as “100 marketing agencies” put together.
Self-sufficiency is the keyword when it comes to Shiba Memu. With the use of AI, it can not only create content for itself but also distribute it on the internet for promotional purposes.
And now for the crypto part of this project – it is powered by a native meme coin that goes by “SHMU”. Demand for its cryptocurrency is expected to see a boost once Shiba Memu launched it’s A.I. dashboard in 2024.
In line with the basic principles of economics, greater demand will likely command a higher price for the SHMU that is currently in pre-sale.
Shiba Memu has already raised close to $2.0 millionInterestingly, demand for Shiba Memu looks strong even without the aforementioned dashboard. SHMU started its pre-sale only last month and has raised nearly $2.0 million already.
At writing, the meme coin is worth $0.02 but what’s exciting and different about it versus peers is that it’s price increases once every 24 hours. For instance, the next bump in the price of Shiba Memu is due in close to three hours.
Once the pre-sale is over, SHMU will find its way to the prominent crypto exchanges that normally boosts demand and unlocks further upside in the price of a crypto token.
All in all, Shiba Memu wants to capitalise on the rapid growth in meme coins – a market that went from $0 to $20 billion between the start of 2020 and the end of 2022.
How is Shiba Memu (SHMU) better than other meme coins?Theoretically speaking, Shiba Memu may be a one-up versus the flock of other meme coins out there because of its exposure to artificial intelligence.
According to Statista, the rising focus on artificial intelligence that went on steroids late last year when Microsoft made billions of dollars worth of investment in ChatGPT will make it a $200 billion market in the coming months – but that still is just a drop in the bucket.
The data analytics platform expects AI to continue on the said trajectory and be worth nearly $2.0 trillion by 2030. That’s the mindbogglingly huge pie that Shiba Memu is positioning itself to get a piece of.
Lastly, there’s a bunch of near-term catalysts that may help the crypto market realise its next leg up. Be it the pending regulatory approval of a Spot Bitcoin ETF or the much-awaited pause of the Federal Reserve.
As evident, the native SHMU token could benefit from a string of impetus that suggests it may be a good investment. For more details on how to invest in Shiba Memu, visit the website here.
The post Bitcoin may be about to breakout: what it may mean for Shiba Memu (SHMU) appeared first on Invezz.
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