The Shiba Inu (SHIB) community has once again demonstrated its fervent passion for innovation and growth with the launch of an ambitious campaign to integrate Shibarium into Exodus Crypto Wallet.

SHIB community mobilization

What started as an informal request from a community member to the Exodus Crypto Wallet team has blossomed into a full-fledged campaign for integration across various platforms. The spark that ignited the Shibarium integration campaign came from a simple yet powerful plea from Chubibi (@Pika_Shib), a member of the Shiba Inu community.

In a post directed at the Exodus Crypto Wallet team, Chubibi expressed the community’s desire for Shibarium support, citing its importance as a layer-2 solution. The post, which read, “Please Add #shibarium network to your wallet #Shibarium is L2 solution,” quickly gained traction among fellow enthusiasts.

Recognizing the importance of facilitating the integration of blockchain protocols like Shibarium, Chubibi’s informal request struck a chord within the community. It underscored the need to expand the reach of Shibarium by integrating it into popular exchanges wallets, and other infrastructures.

The response from Exodus Wallet has been encouraging. While there is no official confirmation of Shibarium’s integration at this stage, Exodus has acknowledged the demand from the community and forwarded the request to the appropriate channels for consideration. 

Shibarium’s rapid ascension

Since its launch in late August 2023, Shibarium has experienced exponential growth, surpassing significant milestones in both total blocks and transactions. With over 3.6 million total blocks and 408 million total transactions, Shibarium has quickly garnered attention within the crypto ecosystem.

Its integration into various platforms further solidifies its position, with partnerships like the one announced with Tangem in February. Tangem, a key partner of the Shiba Inu project, has been diligently working on integrating Shibarium into its wallet ecosystem. This move is anticipated to benefit both Tangem’s users and the Shibarium community, offering a seamless experience for storing native Shibarium assets and Shiboshis NFTs.

USD

• The Fed left interest rates unchanged as
  expected at the last meeting and dropped the tightening bias in the statement.
• The US CPI
  yesterday beat expectations for the second consecutive month but it didn’t
  change the market’s pricing for rate cuts.
• The NFP report beat
  expectations on the headline number, but the unemployment rate and the average
  hourly earnings missed notably.
• The latest US ISM
  Manufacturing PMI missed expectations by a big margin
  remaining in contraction with the US ISM Services
  PMI
  following suit but holding on in expansion.
• The US Consumer
  Confidence missed expectations across the board.
• The market expects the first rate cut in June.

NZD

• The RBNZ kept its official cash rate
  unchanged dropping
  the tightening bias and stating that the OCR will need to remain at restrictive
  level for a sustained period.
• The latest New Zealand inflation data printed in line with expectations
  supporting the RBNZ’s patient stance.
• The labour market report beat expectations across the
  board with lower than expected unemployment rate and higher wage growth.
• The Manufacturing PMI improved in January remaining in
  contraction while the Services PMI jumped back into expansion.
• The market expects the first cut in
  August.

NZDUSD Technical Analysis –
Daily Timeframe

On the daily chart, we can see that NZDUSD bounced
on the key 0.6050 support and
rallied strongly into the swing level at 0.6218 where the price got rejected
from. This is the level that the buyers will need to break to start targeting
new highs. The sellers, on the other hand, will likely step in at the swing
level again if the price gets there to position for a drop back into the key
support targeting a break below it.

NZDUSD Technical Analysis –
4 hour Timeframe

On the 4 hour chart, we can see that the price
spiked to the downside following the US CPI report and eventually pulled back
into the resistance zone around the 0.6160 level where we had the confluence with the
red 21 moving average and the
downward trendline. This is
where the sellers stepped in with a defined risk above the resistance to
position for a drop into the key support zone. The buyers, on the other hand,
will want to see the price breaking higher to invalidate the bearish setup and
position for a break above the 0.6218 level.

NZDUSD Technical Analysis –
1 hour Timeframe

On the
1 hour chart, we can see more closely the recent price action with the sellers coming
into the market at the resistance zone. If the price were to break below the black
counter-trendline we can expect the sellers to increase the bearish bets into
the key support zone. The buyers, on the other hand, should lean on the
counter-trendline to position for a break above the downward trendline with a
better risk to reward setup.

Upcoming Events

Tomorrow we get the US PPI, the US Retail Sales and the
US Jobless Claims figures. On Friday, we conclude the week with the New Zealand
Manufacturing PMI and later in the day, the University of Michigan Consumer
Sentiment survey.

Interest Rate Cut Expectations Adjust

With the latest inflation figures surpassing forecasts, traders have slightly reduced their expectations for a June interest rate cut. The likelihood, as per LSEG’s app, fell from 72% to 67%. Similarly, the CME Group’s FedWatch tool shows a 65% chance of a rate cut in June. This cautious approach reflects the market’s response to the Federal Reserve’s signals on future rate adjustments.

Inflation and Federal Reserve’s Stance

Despite inflation easing from its 2022 highs, it remains above the Federal Reserve’s 2% target. The Fed’s decision-making hinges on these inflation trends, with few clues about the timeline for rate cuts. Fed Chairman Jerome Powell’s recent comments suggest the first cut might not be far off. The upcoming producer price index will offer further insight into inflationary trends.

Market Reactions and Dollar Stability

The U.S. dollar index maintained stability as the market processed the inflation data, with expectations of a Fed rate cut in June still strong. The Treasury yields and the dollar saw an increase, partly driven by a weak demand at a Treasury note auction. Meanwhile, geopolitical tensions, particularly concerning Russia and Ukraine, also influence market trends.

Short-Term Market Forecast: Bearish

Considering the current economic indicators and market reactions, a bearish short-term forecast for gold prices is plausible. The combination of steady dollar performance, higher Treasury yields, and cautious investor sentiment due to inflation data and geopolitical concerns, suggests a potential further decline in gold prices in the near term.

Technical Analysis

Ken Griffin Advocates Caution: Urges Fed to Proceed Slowly with Interest Rate Cuts Amid Stubborn Inflation

At the International Futures Industry conference, Citadel CEO Ken Griffin advised the Federal Reserve to exercise patience in reducing interest rates to combat persistent inflation. Griffin warned against hasty rate cuts followed by abrupt reversals, emphasizing the need for a measured approach. He highlighted ongoing inflationary pressures stemming from government spending and deglobalization trends. With inflation remaining above the Fed’s target, Griffin’s remarks suggest a cautious stance ahead of the Fed’s upcoming policy meeting. (CNBC)

China’s Property Crisis Deepens: Vanke Faces Debt Crunch Amid Evergrande Fallout

China’s real estate turmoil escalates as Evergrande’s liquidation triggers a broader crisis, with plummeting home sales and prices. Analyst Charlene Chu warns of further distress, indicating the sector’s ongoing collapse. Concerns mount over state-backed developer Vanke’s financial woes, prompting Beijing’s intervention to avert default. Despite its sound financial standing, Vanke’s debt restructuring signals deepening market instability. With fears of contagion looming, China’s property crisis poses risks to both domestic and global economies. (Business Insider)

Global Dividend Payouts Reach Record $1.66 Trillion in 2023, Led by Banking Sector Growth

According to Janus Henderson’s latest report, global dividend payouts surged to a new high of $1.66 trillion in 2023, with a 5% year-on-year increase on an underlying basis. The banking sector drove much of this growth, benefitting from high interest rates. However, mining sector cuts offset some gains, with major companies like BHP and Rio Tinto slashing dividends. Despite this, 86% of listed companies maintained or increased dividends, with Europe notably leading the growth, indicating robust global dividend trends. (CNBC)

Shiba Inu and Dogecoin could potentially unseat Cardano (ADA) from its top 10 cryptocurrency ranking. With the CEO of Nanse AI hinting at such a possibility, the markets’ communities are clashing again.

A glance at the price charts of SHIB and DOGE shows an undeniable rally. SHIB’s chart exhibits a bullish trend with a dramatic vertical climb, breaking past resistance levels with significant volume backing the price movements. This rally has not gone unnoticed, as FOMO triggers a flurry of investor interest, potentially driving prices even higher.

Dogecoin’s chart reflects a similar trajectory, with the price ascending sharply and maintaining its strength above the moving averages. The 50-day moving average has been a strong support level, which could fuel further price gains if the positive momentum continues. Both charts signify the “unstoppable growth” sentiment that meme coins have managed to capture.

The surging popularity of meme coins is largely driven by community support and social media buzz rather than fundamental value, which differentiates them from projects like Cardano, known for its strong technological foundations and DeFi aspirations. Despite this, the DeFi community’s skepticism toward Cardano’s performance and the criticism from Nansen and others might play into the market dynamics favoring meme coins.

As meme coins rally, powered by virality and community hype, there is a nonzero chance that they could surpass Cardano’s market cap, especially if the current growth trajectory continues. While this prospect may alarm some investors and delight others, it is essential to recognize the volatile and often unpredictable nature of meme coin movements, which can be as rapid in their decline as they are in their ascent.

However, the crypto market is known for its surprising turns, and while the current momentum for SHIB and DOGE is formidable, displacing a well-entrenched asset like Cardano requires sustained investor interest and market capitalization beyond a temporary rally. 

The yen got some encouragement earlier in Asia, following some early reports on the spring wage negotiations here. USD/JPY dipped to a low of 147.23 before rebounding slightly to around 147.60 as we got into European trading. But once again, BOJ governor Ueda failed to provide much assurance or confidence about an imminent policy move in his remarks here. And that seems to be weighing on the yen now, with USD/JPY up to 147.88 on the day.

Of note, the pair is pushing past its 100-day moving average (red line) of 147.63 currently. And a daily close above that will be a setback for sellers after the downside push last week. That will mean buyers have seized back the technical momentum in the pair again.

The BOJ got the ball rolling in teeing up a potential policy pivot in March. But now that we’re approaching the front porch, they look to be hesitant in opening up that door.

The Japanese central bank is no stranger in disappointing markets under Ueda’s tenure thus far. They have done so at almost each and every step last year already. And now, they might get one last chance to do so again.

Remember the meme?

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