Crypto
Forbes Lauds Shiba Inu (SHIB) Newfound Utility
Memecoins, a unique category of cryptocurrency with lighthearted origins, have captured the attention of the crypto market in 2024. While their initial rise stemmed from internet jokes and celebrity endorsements, some meme coins are demonstrating surprising staying power and evolving beyond their comedic roots.
Meme Coin Performance and Investment Considerations
A recent Forbes report by Sandy Carter, Chief Operating Officer at Unstoppable Domains, highlights the impressive performance of meme coins. Despite Bitcoin’s dominance in headlines, meme coins have delivered exceptional returns, with some exceeding 1,300% year-to-date.
Read Also: Shiba Inu Lead Dev Lauds SHIB’s Supremacy over XRP, BNB, and SOL in Current Bull Season
However, the report emphasizes the importance of investor due diligence. Speculation and celebrity endorsements can fuel short-term gains, but long-term success hinges on real-world utility and a strong project foundation.
Shiba Inu: A Case Study in Utility
Not all meme coins are created equal. Shiba Inu (SHIB) is a prime example of a meme coin developing practical applications. A recent partnership with Zama.ai aims to integrate SHIB with fully homomorphic encryption technology.
This collaboration has the potential to enhance security and risk management solutions within the financial sector, potentially setting new standards for cryptocurrency and traditional finance.
Forbes noted:
“Shiba Inu is one of the largest memecoins by market capitalization and recently announced a partnership with Zama.ai to develop a fully homomorphic encryption platform. This means that Shiba Inu will be able to create identity, security and risk management solutions that are embedded within payment and other financial technologies. This doesn’t just drive enhanced privacy and security in the memecoin or crypto sector, but is setting standards for the traditional financial industry as it converges with the crypto economy.”
Community Engagement and Utility Drive Growth
Building a large and active community is another key factor for meme coin success. Floki Inu (FLOKI) exemplifies this concept. It positions itself as a “People’s Cryptocurrency” and fosters a strong community through utility-driven projects and non-fungible tokens (NFTs).
Integrations with the Valhalla Metaverse play-to-earn game and a dedicated NFT marketplace contribute to its value proposition. Additionally, Floki University, an educational platform for new crypto investors, demonstrates its commitment to community growth. With a market capitalization exceeding $2.1 billion, FLOKI’s approach is proving effective.
Leveraging Established Blockchain Technology
The choice of blockchain can also significantly impact a meme coin’s potential. Bonk, built on the Solana blockchain, leverages an existing ecosystem with over 250 DeFi applications. This integration positions Bonk to benefit from established infrastructure and potentially drive future growth within the decentralized finance (DeFi) space.
Like any cryptocurrency investment, thorough research is crucial before entering the meme coin market. As Carter suggests, investors should prioritize factors like a coin’s utility, community engagement, and development team. The ability to solve real-world problems and offer unique functionalities beyond existing cryptocurrencies is a strong indicator of a meme coin’s long-term viability.
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Read Also: Amazon Founder Jeff Bezos Lauds Dogecoin Founder’s Intelligence
The recent story of a SHIB investor who turned a $2,625 investment into $1.1 million over three years serves as a testament to the potential returns but also underscores the inherent risk involved in this asset class.
Meme coins have undeniably become a significant force in the ever-evolving cryptocurrency landscape. While their whimsical origins remain, some memecoins are committed to building real-world applications and fostering strong communities.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
Crypto
Exclusive: White House set to meet with banks, crypto companies to broker legislation compromise
Jan 28 (Reuters) – The White House on Monday will meet with executives from the banking and cryptocurrency industries to discuss a path forward for landmark crypto legislation which has stalled due to a clash between the two powerful sectors, said three industry sources.
The summit hosted by the White House’s crypto council will include executives from several trade groups. It will focus on how the bill treats interest and other rewards crypto firms can dish out on customer holdings of dollar-pegged tokens known as stablecoins, the people said.
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Reuters was first to report the meeting.
The White House did not immediately respond to a request for comment. The sources declined to be identified discussing private policy discussions.
“We look forward to continuing to work with policymakers across the aisle so Congress can advance lasting market structure legislation and ensure the United States remains the crypto capital of the world,” she said.
Cody Carbone, CEO of The Digital Chamber, another major crypto trade group, credited the White House with “pulling all sides to the negotiating table.”
The Senate has for months been working on the bill, dubbed the Clarity Act, which aims to create federal rules for digital assets, the culmination of years of crypto industry lobbying. Crypto companies have long argued that existing rules are inadequate for digital assets, and that legislation is essential for companies to continue to operate with legal certainty in the U.S.
The House of Representatives passed its version of the bill in July.
The Senate Banking Committee was scheduled earlier this month to debate and vote on the bill, but the meeting was postponed at the last minute, in part due to concerns among lawmakers and both industries over the interest issue.
Crypto companies say providing rewards such as interest is crucial for recruiting new customers and that barring them from doing so would be anti-competitive. Banks say the increased competition could result in insured lenders experiencing an exodus of deposits — the primary source of funding for most banks — potentially threatening financial stability.
That bill prohibited stablecoin issuers from paying interest on cryptocurrencies, but banks say it left open a loophole that would allow for third parties – such as crypto exchanges – to pay yield on tokens, creating new competition for deposits.
Reporting by Hannah Lang in New York; Editing by Chizu Nomiyama
Our Standards: The Thomson Reuters Trust Principles.
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