After a steady increase over the past two weeks, the Shiba Inu’s progress appears to be slowing down. The same momentum was seen for the price of Bitcoin, which fell 2.2% in the past 24 hours to trade at $20,796, while the price of Ethereum is trading at $1,527 after falling 3.3%. The most popular meme cryptocurrency in the market, DOGE, is also in the red, trading at $0.081 after a 5.5% correction in 24 hours.
Shiba Inu Price Rise Halted: Investors Respond to DOJ’s Crypto Enforcement Action
Investors appear to be reconsidering, following a major international enforcement action taken by Department of Justice from the United States in the field of cryptocurrencies.
In a press conference held Wednesday afternoon, Lisa MonkDeputy Attorney General, as well as other interested parties, including Kenneth Polite Jr.. of the Criminal Division of the Department of Justice, Breon PaceAttorney of the Eastern District of New York, Wally AdeyemoAssistant Secretary of the Treasury Department, e Brian Turnerdeputy associate director of the FBI, said he arrested the founder of Bitzlato Ltd. for money laundering.
Bitzlato has been ordered to cease operations effective immediately and its founder, Anatoly Legkodymov, was extradited to the United States. This measure was intended to ensure that all ties between Legkodymov and Russia were severed.
According to Lisa Monaco, the move follows a coordinated crackdown between French and US authorities, including the FBI, to disrupt “a busy sector of this criminal ecosystem”.
Bitzlato was in the sights of Financial Crime Enforcement Network (FinCEN) of the Treasury: the company would have been one of the priorities of the agency that wanted to isolate it from the global financial system. Deputy Treasury Secretary Wally Adeyemo added that the label made the exchange an “international pariah.”
The crackdown on this relatively unknown exchange is considered the most significant action against a crypto crime network by the United States. The cryptocurrency market reacted with an immediate crash for almost 24 hours.
The increase in the price of the Shiba Inu continues
Shiba Inu price has seen gains of more than 34% in two weeks and 37% in one month to stand at $0.00001112 at the time of writing. Following the DOJ’s decision, SHIB retreated by a ten-week high of $0.00001291.
The 200 day EMA (in purple) at $0.0000118 is contributing to the mounting selling pressure. Shiba Inu price needs to sustain above this zone to open the way for another up move towards $0.000014 and then towards $0.000018.
It appears that this pullback is only temporary, especially since the Moving Average Convergence Divergence (MACD) indicator remains above the mean line (0.00). Investors should note that the MACD (blue line) sends a buy signal when it has crossed the signal line (red).
Furthermore, the Money Flow Index (MFI) shows that the buyers are in a strong position and will likely continue to push the Shiba Inu price higher. Traders who are considering buying the downside may want to wait for the SHIB price to bounce off the support provided by the upper bound of the downtrend channel, or around the $0.00001 area.
A recent report by Nansen reveals that SHIB has been among the cryptoassets of choice for new crypto wallets, which can largely be attributed to the launch of their Layer 2 network.
Altcoins that may offer higher returns
Investors need to deliberately choose the assets that will make up their portfolios as the new year begins. Presale tokens are among the most attractive crypto-assets on the market.
In addition to being available at great prices, investors have the opportunity to be early adopters of projects that could shape the future of cryptocurrencies.
Meta Masters Guild (MEMAG): a cryptocurrency to play to earn in the first quarter of 2023
Investors interested in emerging play-to-earn (P2E) cryptocurrencies should consider the Meta Masters Guild (MMG) project. Describing itself as the leading web3 gaming guild on mobile, the ecosystem hopes to introduce high-quality blockchain-based games.
Meta Master Guild distinguishes itself from existing P2E platforms such as Axie Infinity, The Sandbox and Decentraland by offering fun games that offer community members many opportunities to earn money, including playing games, creating games with the team, providing game assets, creating content and participation in events.
Players of the first mobile-focused Web3 gaming guild will earn a currency called Gems. These tokens are versatile as they allow the player to exchange them for MEMAG, the platform’s native token, which can be staked for further rewards. Some users can buy in-game NFTs with gems or exchange them for other cryptocurrencies such as ETH.
Meta Master Guild is currently in the second stage of its presale and has raised $651,000. The purchase price of 1 MEMAG is currently $0.01.
FightOut (FGHT): The Future of Move-to-Earn
Fight Out is a new crypto project hoping to redefine the fitness lifestyle through Web3. Fight Out is a Move-to-Earn (M2E) app with a chain of gyms that “gamify“the fitness lifestyle. Ecosystem users are rewarded for completing pre-determined workouts and challenges while earning badges within a vibrant community.
An incentive system will manage the ecosystem where users earn FGHT tokens by completing M2E tasks.
Unlike existing Move-to-Earn crypto ecosystems like STEPN, FightOut users will not need expensive NFTs. Instead, FightOut uses simple technology solutions with digital avatars to make it easier for the Web2 audience to access the metaverse.
The FightOut team is excited to announce the first listing on a FGHT CEX, LBank Exchange, with $3.05 million raised to date.
C+Charge (CCHG): democratizing access to the carbon credit industry
C+Charge is a new crypto project that is likely to pique the interest of EV drivers and others who are advocating for a cleaner planet. The C+Charge team believes that all EV drivers should also benefit from the benefits of the carbon credit industry.
That’s why C+Charge has created a comprehensive mobile application to meet the charging needs of EV drivers. This application will manage payments at charging stations, as well as other key features such as carbon credit monitoring, payment options, location of charging stations and real-time wait times of chargers, among others.
Thanks to Web3 solutions, C+Charge will allow users to create NFTs with all carbon credits. Payments will be made via CCHG, the ecosystem’s native token.
CCHG tokens are available in a presale that raised $320,000, well ahead of the first listing on a cryptocurrency exchange.
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