Cryptocurrency prices have stabilized in the past few days as investors react to the ongoing TradFi trend in the industry. On Tuesday, Franklin Templeton became the latest financial giant to file for a spot Bitcoin ETF.
As a result, Bitcoin has remained above the important support at $26,000 while tokens like Hedera Hashgraph, IOTA, Tron, and VeChain have risen by more than 5%. At the same time, Shiba Memu, an upcoming AI meme coin, has continued to thrive as its investments rise. It has now raised over $2.78 million in just a few months.
Shiba Memu is an AI meme coin at the intersection of meme coins and the growing trend of artificial intelligence (AI). The developers hope to make it the best alternative to other meme coins like Shiba Inu and Dogelon Mars. To do this, they plan to embrace key technologies such as Natural Language Processing (NLP), sentiment analysis, and image and video analysis.
By holding Shiba Memu tokens, holders can benefit from two main ways of generating returns. When the price rises, they will make money in the same way as with other tokens. They can also stake their tokens and be rewarded for participating in the Shiba Memu ecosystem.
Meanwhile, Solana price has been in a strong bearish trend in the past few months due to waning demand. It has dropped from a high of $32.32 in July to the current $17.50. This sell-off has intensified after the judge overseeing the FTX bankruptcy case gave a green light to sell these assets. It is estimated that FTX had over $1 billion in Solana, and so the next price action for Solana will depend on how the administrators decide to sell them.
On the technical side, Solana price remains below the 25-day and 50-day moving averages. It has also moved below the psychological level of $20 and the important support at $19.10 (1st September low). Therefore, Solana will likely continue falling as sellers target the key support at $15.
Synthetix price has moved sideways in the past few days. On the 4H chart, the token was trading at $2.12, a few points below this week’s low of $2. On the 4H chart, the coin has consolidated at the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has drifted upwards and crossed the neutral point of 50. Therefore, the SNX price will likely remain in this range in the next few days and then have a bearish breakdown to $1.88, the lowest level on September 1 and August 17.
