Crypto fear and greed index steady as Memeainator token sale nears
The cryptocurrency fear and greed index is doing better than the general one tracked by CNN Business. The index remained at the neutral point of 43 on Sunday while the CNN one moved to the fear zone of 36.
Hawkish Fed and soaring crude oil pricesCopy link to section
The crypto and stocks market is facing numerous headwinds as concerns about the economy remain. In the United States, the Federal Reserve decided to leave interest rates unchanged at 5.25% and 5.50%. The committee also pointed to another 0.25% hike in the coming meetings.
There are also energy risks as the price of crude oil continued soaring. Brent, the international benchmark, rose to $95 and analysts expect it to soar to $100 in the coming weeks. Higher energy prices mean that inflation will remain at an elevated level for longer than expected.
Other important commodities are rising, as I wrote here. Olive oil, live cattle, orange juice, and cocoa have all surged to historic levels in the past few months. Remember, the most recent data showed that the headline consumer inflation rose to 3.7% in August, the highest point in a few months.
The fear and greed index has also retreated because of the ongoing UAW strike and the ongoing traffic jam at the Panama Canal.
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Despite these challenges, Bitcoin and other cryptocurrencies have held quite well in the past few days. Bitcoin has remained above $26,000 even as the Nasdaq 100 and S&P 500 index has slipped in the past few weeks.
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Memeainator token sale nearingCopy link to section
A key crypto news to watch this week will be the upcoming launch of Memeainator token sale. Memeainator, which has accumulated over 19k Twitter followers in a few weeks, is aiming to become a leader in the meme coin industry.
For starters, the concept of meme coins gained momentum in 2021 with the success of Dogecoin and other coins like Shiba Inu, Dogelon Mars, and Baby Dogeoin. Since then, creators have launched many meme coins like Bonk and Pepe.
Memeainator aims to be the biggest meme coin in the world. And along the way, it aims to create many Memeainator millionaires over time. To achieve this, the developers have committed to invest heavily in marketing and building an ecosystem.
Also, they have allocated 7.5% of all the tokens to competitions. One of the competitions will see the lucky winner go to space with Virgin Galactic, the company started by Richard Branson.
And most importantly, in addition to its meme coin credentials, the platform will incorporate some AI features. As part of this AI trend, the developers will use X API and ChatGPT in the future.