SHIB coin has become the latest trend and cryptocurrency to take on the digital currency sector
SHIB, commonly referred to as the ‘Dogecoin Killer’, rebounded from a sharp decline alongside the top cryptocurrencies after Tesla CEO Elon Musk revealed “promising” developments on Bitcoin mining, yesterday.
According to reports, a cryptocurrency investor bought almost 200 billion Shiba tokens in October of 2020 for just $17 and as the market went up, he made almost $6.5 million from those very tokens.
Shiba Inu coin has become a trend on social media too, with the so-called ‘Shib Army’ backing the crypto as more investors jump on board. Being the latest to hit markets, it is garnering huge attention and has emerged as favoured choice of investors, especially in wake of a rapid descent in popular cryptocurrencies like Bitcoin and Ethereum.
Popularity in Indian Markets
SHIB coin is also making waves in Indian markets.
The crypto has reached a market capitalisation of more than $13 billion while Dogecoin’s valuation stands at over $61 billion – so it is creeping ever so close.
Reports suggest that many Shib coin holders who invested in Shiba Inu tokens early, are now worth millions on paper.
Since May 2021, Shiba Inu tokens have shot up in value.
According to CoinGecko, the tokens have gone from $0.0000015 to their current value of $0.00003 — a 1,900% rise.
But what about the Ethereum guy?
Ethereum co-founder Vitalik Buterin’s announced he burning 90 percent of his Shiba Inu holdings and donating the rest.
SHIB price primed for a breakout
SHIB price has been trading within a descending parallel channel on the 4-hour chart since the middle of May.
SHIB coin has continuously formed lower highs and lower lows, which can be connected with parallel trendlines to show a downward trend.
In most recent times, SHIBA’s price bounced off the channel’s lower trend line, heading north to tag the topside resistance. Despite almost two weeks of consolidation, Shiba Inu has overcome indecision, working in favor of the bulls after gaining over 55% in market value from its bottom.
Joining the #ShibArmy
Twitter has become a popular social media channel for Shib investors to embrace the growing trend of their coin.
Known as the ‘Shib Army’, Shib lovers have now formed part of a community – coming together to discuss the latest trends and events surrounding their cryptocurrencies.
Disney withdraws ads from X amid tensions
Bob Iger, the CEO of Disney, faces a turbulent period as he navigates through challenges including activist investor pressure, plummeting stock prices, and declining consumer interest in Disney movies.
Amidst these struggles, Iger has taken a controversial step by publicly announcing the withdrawal of Disney’s advertisements from Elon Musk’s social media platform, X (formerly known as Twitter). This move aligns with a broader trend of progressive CEOs distancing themselves from platforms associated with figures like Musk and Donald Trump.
The decision to pull ads from X marks a significant shift in the digital advertising landscape. This platform, under Musk’s leadership, aims to transform from a ‘lefty safe space’ to a hub for unrestricted free speech. This pivot includes a commitment to allowing conservative voices and resisting influence from political entities, including those in the Biden administration. However, this transformation has placed Musk, the world’s richest man, in a vulnerable position, drawing intense scrutiny and criticism.
Musk’s situation worsened following his endorsement of a controversial tweet, perceived as antisemitic, suggesting a Jewish conspiracy behind a demographic replacement theory. This incident fueled antisemitic sentiments, especially in the wake of the tragic Oct. 7 Hamas attack in Gaza. Additionally, a report by Media Matters, a Soros-supported organization, accused X of juxtaposing major company ads, like Disney’s, with harmful neo-Nazi content. This allegation led to an advertising boycott, severely impacting X’s financial stability.
At the recent New York Times DealBook conference, Iger openly criticized Musk’s actions and X’s content policies, leading to Disney’s ad withdrawal. While Musk admitted his error, he and his team have countered Media Matters’ claims, accusing them of defamation and filing a lawsuit. Amid these controversies, stakeholders are questioning Iger’s strategic decisions for Disney, especially considering his legacy as a former long-term CEO and his role in shaping the company’s current direction under his successor, Bob Chapek.
Microsoft’s non-voting board seat in OpenAI revival
Microsoft has secured a non-voting board seat at OpenAI, marking a significant development as Sam Altman returns to helm the organization as CEO.
Microsoft’s new role within OpenAI comes as the tech giant continues to deepen its involvement in AI research and development. While the board seat is non-voting, it symbolizes Microsoft’s commitment to fostering collaboration in the AI community.
This move follows Sam Altman’s recent appointment as CEO of OpenAI, bringing him back into the fold after a brief stint at the helm of the startup in its early days.
With the resurgence of Altman as CEO, and Microsoft’s newfound presence on the board, the question arises: What synergies will this partnership unlock between two prominent entities in the AI domain?
As AI technologies continue to advance, what potential breakthroughs can we expect from this collaboration?
In summary, Microsoft has secured a non-voting board seat at OpenAI as Sam Altman returns as CEO, signaling a deepening alliance in the world of artificial intelligence.
Elon Musk’s X faces $75M loss as advertisers exit
Elon Musk’s venture, X, is bracing for a substantial financial hit as reports suggest it could suffer losses of up to $75 million by the end of this year.
The turmoil stems from a growing exodus of advertisers, which has sent shockwaves through the company’s revenue streams.
The advertiser exodus appears to be linked to controversies surrounding Elon Musk and his unconventional approach to business and social media. Musk’s controversial statements and tweets have drawn both praise and criticism, but they seem to have alienated a significant portion of X’s advertising partners. Many companies are distancing themselves from the venture due to concerns about brand image and association with Musk’s unpredictable behavior.
This development raises pressing questions about the future of X and its ability to retain advertising partnerships. Can Elon Musk navigate these turbulent waters and win back advertisers? Will X need to reevaluate its strategies and adopt a more traditional corporate image? How might this impact the overall financial health of the venture, and what steps will be taken to mitigate losses?
In the midst of these uncertainties, it remains to be seen whether X can weather the storm and maintain its prominent position in the business world. Elon Musk’s unorthodox approach has often yielded success, but the current challenges pose a significant threat to the venture’s financial stability. As the year-end approaches, observers are closely watching to see how Musk and X respond to this critical situation.
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