The past week has seen a significant decline in the cryptocurrency sector, with Bitcoin dropping more than 10% to just above $26,000 and Ethereum trading back below $1,700. This reflects a risk-off sentiment, as the US dollar gains strength in light of expectations of a hawkish monetary policy from the Fed.
However, the presale of Shiba Memu (SHMU), a new meme cryptocurrency, has raised over $2.2 million, indicating that investor appetite for high-potential projects remains.
The sector risks are underlined by low Bitcoin volume on exchanges following reports that Elon Musk’s SpaceX had sold its Bitcoin holdings. Additionally, the US central bank has a 2% inflation target which has been exceeded in the July consumer price index. This has led to predictions of a hawkish stance from the Fed, which has spooked the crypto markets.
The project’s native token, SHMU, has a use case that outwits other meme tokens. It utilises AI capabilities such as machine learning and predictive analytics to self-market, as well as engaging with users through a robotistic dashboard. This could make Shiba Memu a unique user-led platform with the potential for unlimited future growth.
The price of the token has already doubled from the initial presale price of $0.011125 to $0.022150, and is expected to reach $0.0244 by the end of the presale. This has led to predictions of up to 1000% returns once the token is listed on an exchange.
With the presale coming to a close, now could be an excellent time to invest in Shiba Memu. Investors could benefit from potential price increases, with meme tokens often demonstrating higher returns than expected.