This week saw two major events: the Federal Open Market Committee (FOMC) meeting on Wednesday and the US non-farm payrolls (NFP) data on Friday. These two events will likely set the stage for the next bull run in the crypto and stock market.
The FOMC concluded its two-day monetary policy meeting on Wednesday. As anticipated, the bank decided to keep interest rates between 5.25%-5.50%, the highest point in more than 20 years. The accompanying statement left the door open for another rate hike in December or the first quarter of 2024. However, the Fed Chair Jerome Powell suggested that the bank could be done raising rates during the press conference.
The US NFP data released on Friday showed that the job market is slowing down. The economy added over 150k jobs in October while the unemployment rate rose slightly to 3.9%. Labor participation rate dropped slightly as well. This indicates that the Federal Reserve is likely done with interest rate hikes. This news was welcomed by the US equity market, the US dollar index, and bond yields, all of which dropped to September levels.
All this could benefit Shiba Memu and other cryptocurrencies. As of now, Bitcoin has reached its highest point in more than a year while the total market cap of all coins has soared to over $1.3 trillion.
Shiba Memu is an upcoming meme coin that is seeking to capitalize on the popularity of cryptocurrencies and artificial intelligence (AI). This week, Palantir Technologies published strong financial results and forward guidance, which it attributed to the AI demand. Microsoft also launched Copilot for Enterprise companies. Shiba Memu plans to differentiate itself from other popular meme coins like Floki, Dogelon Mars, and Shiba Inu by offering a more comprehensive ecosystem. Its advanced AI technology will help automate its marketing process. So far, the developers have raised over $4.3 million from global investors. In response to overwhelming demand, the presale period has been extended to the end of December.
Given the current market climate, investors are interested to know if Shiba Memu is a good investment. We believe that the crypto industry will experience a major rally in 2024, driven by the upcoming Bitcoin halving, interest rate cut by the Fed, and a spot Bitcoin ETF launch. This is expected to benefit meme coins like Shiba Memu. However, investors should remember that crypto tokens are highly volatile and therefore, should only invest funds they can afford to lose.