Shiba Inu Token Thrives Amid Crypto Market Sell-Off

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Last week, cryptocurrencies, including Bitcoin, had their worst performance this year as prices dropped significantly. Most coins and tokens were deeply in the red as demand waned and a sense of fear spread throughout the market. However, this did not stop the Shiba Memu token sale from gaining steam, as the developers raised over $2.18 billion.

What caused cryptocurrencies to slip? There are three main reasons. First, a potential shakeout occurred when Bitcoin fell from $25,000 to $19,000 and then rebounded to its year-to-date high of $32,000. Second, Bitcoin formed a double-top pattern at $32,000, which is usually seen as a bearish sign. Lastly, a sense of fear swept through the market due to a stock and bond market sell-off, with US 10-year bond yields reaching 2012 highs and 30-year yields hitting 2007 highs. Moreover, the Chinese economy is going through a deep slowdown, causing cryptocurrency prices to decline.

Despite the market downturn, Shiba Memu is still thriving, as the developers have raised over $2.1 million from investors around the world. They achieved this by selling over 68.1 million tokens in the past two months. The success is likely due to the industry the token is targeting, as AI and meme coins have both grown significantly this year. As hype continues to build, there is a strong possibility that the Shiba Memu price will jump when it debuts on centralized and decentralized exchanges.

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