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Binance news dominate the crypto industry today. This is after its founder Changpeng “CZ” Zhao stepped down from his role as CEO of the world’s largest crypto exchange on Tuesday, November 21, 2023. For many in the industry, CZ’s resignation might just be what Binance needed to begin the next chapter of its growth.

As Matrixport analyst Markus Thielen points out, the US government hasn’t accused CZ and Binance of violations such as misappropriation of user funds or market manipulation. As such, crypto investing might just have gotten an unlikely boost.

Is this the time to buy Shiba Memu as you position ahead of the bull market? Let’s assess.

In 2020, the founder and CEO of crypto derivatives exchange BitMEX was charged and forced to resign in a deal with the US government. Crypto markets went on to rip after that.

It’s not a guarantee that markets will follow the same script, but analysts are bullish about what the Binance situation could mean for crypto.

The result of more compliance programs could hasten the approval of a spot Bitcoin ETF by the SEC, prospects that have increased significantly given the potential restructuring at Binance. New CEO Richard Teng has alluded to the exchange’s strong business fundamentals and “debt-free” structure.

Thielen believes that this, and the “whitewashing” being seen only strengthens the crypto market and crypto businesses. The asset class therefore becomes more attractive to investors looking to diversify their portfolios.

“With CZ stepping down and the fine less than the $10bn feared, Binance will likely remain a top-three exchange over the next 2-3 years. There will likely be pressure to ‘right-size’ the company with 6,000 employees. While this plea deal does not include the SEC, this is a very favourable outcome for CZ and Binance itself, with the only surprise being how quickly these agencies moved after the FTX/SBF trial was out of the way,” Thielen wrote on Wednesday.

Shiba Memu (SHMU) is a new crypto meme coin built on blockchain and powered by artificial intelligence (AI). It seeks to surpass other meme coins by building an online community that dwarfs Dogecoin, Shiba Inu and the rest using AI technology.

The project does not just leverage AI, its whitepaper and roadmap (accessible here) outline genuine utility via its native SHMU token. What this means is that Shiba Memu has set itself apart from the rest of the meme coin world by removing the reliance on human-driven hype for community traction.

Apart from a self-sufficient ecosystem buoyed by powerful marketing via an AI-powered, holders of SHMU will benefit from staking rewards, P2E gaming, and NFT incubator among other features.

While crypto prices recorded sharp declines as the former Binance CEO pleaded guilty to charges filed by the US Department of Justice (DOJ), the resilience shown in the short term suggests the market is unlikely to crash that much.

Bitcoin remains above $36k, while Ethereum and BNB – which fell 9% after CZ’s resignation – are battling to hold support at $1,900 and $230 respectively.

Shiba Memu, on the other hand, is currently priced at $0.042625, with the programmatic increase at 6pm GMT daily pushing it to $0.042850 in the next stage. The SHMU price will increase daily until the end of the presale, which is now just 37 days out.

Interest in the project has seen the Shiba Memu presale attract early bids $4.6 million raised so far. As experts hold a bullish outlook for crypto, there’s potential that Shiba Memu could turn out to be one of the breakout coins in 2024.

The post What next for Changpeng Zhao’s Binance? Crypto expert shares insights appeared first on Invezz

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