Cryptocurrencies have been the star of 2020, outperforming stocks and commodities. Bitcoin has jumped by more than 120% while the tech-heavy Nasdaq 100 index and gold have risen by 48% and 10%, respectively. Other smaller coins such as THORChain (RUNE), Injective (INJ), and Solana have also made impressive gains.
What is driving this crypto bull run? Firstly, Bitcoin is benefiting from the ongoing trend known as TradFi, when companies in traditional finance move to the crypto industry. Notable players such as Blackrock, Invesco, Ark Finance, and Fidelity have all applied to the Securities and Exchange Commission (SEC) for a spot Bitcoin ETF. Other large companies, including the London Stock Exchange (LSE), ANZ Bank, and JP Morgan, are also embracing the concept of tokenization, which is transforming Real World Assets (RWA) into digital tokens.
Secondly, the Federal Reserve has left interest rates unchanged in the past two meetings and seems likely to maintain this status quo. The most recent economic data showed that inflation decreased from 3.7% in September to 3.2%, while the labor market softened and crude oil prices dropped. UBS analysts have hinted that the bank may even start cutting rates in 2024.
Thirdly, the Bitcoin supply is falling, with its supplies in exchanges reaching the lowest point in over five years – just months before halving. This combination of higher demand and lower supply is likely to push prices higher.
The Shiba Memu token sale is also thriving, having raised over $4.5 million from global investors. This crypto meme coin will feature artificial intelligence (AI) features such as natural language processing (NLP), sentimental analysis, video and audio recognition, and predictive analysis. Its automated marketing system should ensure it stands out from other meme coins like Shiba Inu and Bonk.
Meme coins have traditionally done well during strong crypto rallies. Shiba Inu was a major player when Bitcoin reached its all-time high, and Floki Inu, Bonk, and Memecoin have all become multimillion-dollar tokens. Pepe and Taboo Token are also gaining traction.
The crypto bull run is likely to continue, and Shiba Memu could be the next big meme coin.