Economy
Mushe (XMU) Holds Strong, Terra (LUNA) Continues to Struggle
The crypto arena may be on unstable ground, with the likes of LUNA and BTC struggling, but it could yield great returns for XMU holders.
It’s safe to say that May has been a difficult month for millions of crypto investors around the globe. One look at the current state of play in the cryptocurrency landscape will show that a lot of digital tokens are seeing red. In the worst cases, like Terra LUNA, over 99% of its value has been lost within a matter of days. Yet, despite the widespread problems, some coins like Mushe (XMU) now look even stronger than ever.
Mushe (XMU) stands firm while others crash and burn
The current crypto crash is unlike anything ever witnessed in the 13 years of trading digital coins, and it’s not only LUNA that has seen its value plummet. Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) are just three of the big players to see a major slump over the past week. Yet, XMU continues to see growth in its pre-launch phase, rallying from 0.005 to 0.027 per token.
In fact, with over 53 million – and rising – tokens already sold before going public on July 4, experts still predict that Mushe can take on Lucky Block (LBLOCK) to enjoy the biggest launch of any digital coin in 2022. Tokens stemmed from Layer_0 blockchain infrastructure have performed well in the first few months of this year, while many of the best altcoins over the past five years have enjoyed healthy growth in their first 12 months.
XMU has long been touted as one to watch in Q3 and Q4 of 2022. It has been suggested that buying the dip might not be a great strategy, with Oleg Giberstein warning, per Forbes: “Many a novice investor has been burned trying to ‘catch falling knives’. Despite the anticipation that the slump will last, the market should begin to correct itself and rally by July, which may leave XMU as one of the prime candidates to keep growing.
Ultimately, the Mushe roadmap has not been disrupted by the industry’s current problems, thus enabling it to stay firm in the face of a crash.
Major damage to Terra (LUNA) investors
While XMU is aiming to reach every digital wallet, investors of LUNA and other decimated tokens are cutting losses in their millions. Widespread stories of lost life savings have dominated column inches in recent days, while millions of investors have seen their portfolios become far less valuable as a direct result of the situation.
Meanwhile, the fact that the TerraUSD (UST) digital coin has lost its $1 peg is telling. The stablecoin has been linked to the USD but has been hit hard over the past week, resulting in suspended withdrawals from several trading platforms. Similar situations have been seen in relation to other struggling digital assets.
The episode has underlined how volatile the crypto landscape can be and how quickly the top 10 biggest crypto tokens can change. Just as quickly as they can slump, though, digital assets can soar. Mushe (XMU) has cemented its place as one of the most relevant coins during the crash investors can embrace the presale with immediate results.
Learn more about Mushe (XMU)
Official Website: https://www.mushe.world/
Presale Registration: https://portal.mushe.world/sign-up
Telegram: https://t.me/MusheWorldXMU
Twitter: https://twitter.com/Mushe_World
Instagram: https://www.instagram.com/mushe_world/
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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