Economy
Can Mushe (XMU) Help Nigerians as Bitcoin and Ethereum Continue to Drop in Price
With over 35% of adults in Nigeria dabbling in cryptocurrency within the last year, It is no surprise that the current state of the Crypto market has caused concern for quite a few crypto lovers. It has been a difficult month for the crypto portfolios of many.
As Nigerians, young and old, turned to crypto as a way to safeguard against the weakening Naira, it served most well as 2021 saw a big crypto boom. However, in the last week, most of our crypto portfolios have taken a turn for the worse.
Crypto favourites Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE), which play a part in almost all Nigerian crypto portfolios, have each fallen by large amounts in the last week. Bitcoin is currently trading at 17% lower, ETH is down 16.5%, and DOGE has lost 12.8%. At a time like this, many are choosing to move some of their funds into stable coins or low market cap tokens that are growing in the face of adversity. One such token is Mushe (XMU). Whilst others have been suffering, XMU tokens are thriving, rising 63.7% in the past two weeks.
Since the Mushe presale began on April 18th, the token price has multiplied fivefold, going from just $0.005 to $0.026 per token. Many Nigerians are looking toward Mushe as a way to diversify their portfolios and defend against the broader market losses that we have seen in the past month. The presale can be accessed at www.mushe.world
For newcomers to the crypto world, rapid growth is common for newer tokens as they gain traction and begin to join exchanges. Stepn (GMT), a token which launched in March, is a prime example of this growing from $0.10 on launch to $2.231 at the time of writing; what makes this feat even more impressive is that today the token is down 16% but day one investors would have still seen a return of over 2100% on their initial purchase.
For Mushe seeing a 400% gain over the previous three weeks has led analysts to believe the token will exceed all initial expectations and has the potential to go beyond its targeted launch a price of $0.05 per token before July 4.
The traction of the XMU token has partially been linked to its exciting roadmap, which shows the Mushe team are planning to launch a decentralised exchange called MusheSwap which will allow customers to buy, trade and exchange all types of tokens regardless of the blockchain network they are built on. The roadmap also talks about a metaverse offering called the MusheVerse, offering ways to earn XMU tokens and buy or sell digital assets such as NFTs and virtual land.
In the past few days, Mushe announced it will switch from the Ethereum blockchain to the Solana and Stellar blockchain networks allowing them to host more users and perform transactions faster and at a cheaper rate. The news has been received well across crypto communities worldwide.
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 Modupe Gbadeyanka
The management of Dangote Petroleum Refinery and Petrochemicals Limited has revealed that the price of Premium Motor Spirit (PMS) remains at N1,275 per litre.
Earlier on Wednesday, there were reports that the company increased its ex‑depot price by N75, some hours after renewed hostilities in the Middle East.
On Monday evening, it was reported that Iran fired missiles at its neighbours in the Gulf region after the United States seized two Iranian-linked vessels on the Strait of Hormuz.
These actions briefly raised the price of crude oil on the global market to over $115 per barrel, but it quickly eased to almost $100 per barrel on Wednesday.
Shortly after it was reported that Dangote Refinery had pushed its PMS gantry price to N1,350 per litre, the price was reversed.
Confirming this in a statement made available to Business Post, Dangote Refinery said it is sustaining its current prices to reaffirm “its commitment to supporting stability in the domestic energy market and cushioning the wider economy against external shocks.”
“By absorbing prevailing cost pressures, the refinery continues to help moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply amid ongoing global uncertainties,” another part of the statement read.
The private refiner “reaffirmed its dedication to the steady supply of high‑quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security.”
It urged the public “to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate and up‑to‑date information on its operations and pricing.”
By Aduragbemi Omiyale
Dangote Refinery has reversed a N75 ex-depot price increase of premium motor spirit (PMS), also known as petrol, on Wednesday.
On Wednesday, the private crude oil refinery raised the price of the product to N1,350 per litre, but this was quickly reversed to N1,275 per litre.
The company had carried out a second increment in less than two weeks, amid renewed attacks in the Middle East, though the crude oil price went down on Tuesday to $109 per barrel.
According to a report by pricing platform Petroleumprice.ng, the upward price adjustment was suspended shortly after it was raised, restoring the previous pricing structure at the loading gantry and easing immediate concerns among downstream marketers.
Industry operators say the move has helped calm nerves across the market, where traders had already begun repositioning on expectations of a higher pricing cycle.
Before the previous price hike, the gantry price was N1,200 per litre, but the organisation pushed it higher by N75.
As of the time of filing this report, Business Post observed that Brent crude futures were traded at $101.00 per barrel, while the US West Texas Intermediate (WTI) crude futures were sold for $93.01 per barrel.
By Adedapo Adesanya
Four securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.85 per cent on Tuesday, May 5, with the market capitalisation growing by N20.52 billion to N2.429 trillion from N2.409 trillion, and the Unlisted Security Index (NSI) advancing by 34.30 points to 4,060.94 points from 4,026.64 points.
Yesterday, FrieslandCampina Wamco Nigeria Plc, the parent company of popular milk brands like Peak Milk and Three Crowns, appreciated by N8.72 to N106.90 per share from N98.14 per share, NASD Plc increased its value by N6.13 to N37.36 per unit from N31.23 per unit, Lagos Building Investment Company (LBIC) Plc gained 35 Kobo to close at N3.82 per share versus N3.47 per share, and Geo-Fluids Plc jumped by 10 Kobo to N3.10 per unit versus N3.00 per unit.
However, the price of Food Concepts Plc, which has the popular Chicken Republic under its belt, lost 5 Kobo during the session to trade at N2.36 per share versus N2.41 per share.
The volume of securities traded fell by 9.5 per cent to 679,768 units from 751,518 units, and the value of securities dropped 12.6 per cent to N30.9 million from N35.4 million, while the number of deals surged by 41.9 per cent to 44 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.3 million units traded for N4.1 billion, and Okitipupa Plc with 27.8 million units valued at N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn