Crypto markets’ continued uncertainty has traders increasingly bearish. The total crypto market capitalization is down nearly 2% in the past 24 hours to $1.18 trillion. The Fed’s interest rate outlook as hinted in minutes released Wednesday hasn’t helped stocks either.
It’s a trend that sees Bitcoin down 3% in the past week and currently hovering near $28.5k. The Bitcoin Fear & Greed Index remains neutral but fresh weakness could see BTC retest levels below the $28k region for the first time since June. Ethereum has also dipped under $1.8k. Meanwhile, the likes of Ripple, Dogecoin and Litecoin are sharply paring recent gains.
Bullish investors see opportunity in crypto downturnAccording to on-chain data, the downturn in crypto has seen an uptick in shorts. With liquidations likely to follow, savvy investors are looking to position themselves as they see this as the time to buy. New projects of interest include Shiba Memu, whose presale has attracted over $2 million from global investors.
Analysts at market intelligence platform Santiment say:
“Traders are shorting now as crypto market caps continue their downturn. When the crowd begins to bet against markets, it increases the likelihood of #liquidations, causing prices to rise. For many #bullish investors out there, this is the signal that many are waiting for.”
🧐 Traders are shorting now as #crypto market caps continue their downturn. When the crowd begins to bet against markets, it increases the likelihood of #liquidations, causing prices to rise. For many #bullish investors out there, this is the signal that many are waiting for. pic.twitter.com/JiKqUBruMn
— Santiment (@santimentfeed) August 16, 2023What’s Shiba Memu?Shiba Memu is a new cryptocurrency project leveraging artificial intelligence. Its native token is SHMU, an ERC-20 token that will be community-owned amid further development. SHMU has a total supply of 1 billion tokens, 85% of which are available for early investors during the presale.
Why are crypto AI investors and enthusiasts eyeing Shiba Memu?A new project taking on the meme coin world with a clever integration of artificial intelligence has the community buzzing for when it goes live. This is largely down to a marketing strategy able to replicate the efforts of hundreds of marketing agencies.
As AI is already a strong narrative across blockchain and mainstream tech industry, what Shiba Memu does is to tap into the power of the AI and infuse it with meme coin mania to create a marketing powerhouse that could dwarf established coins such as Pepe and Floki.
The use of natural language processing, predictive analytics, video and image recognition and sentiment analytics in creating an AI dashboard promises to have a state-of-the-art platform that can market itself 24/7. The self-promotion, integrated with user feedback, has the potential of changing the meme coin industry and putting Shiba Memu on the path to dominance.
Many analysts opine that Shiba Memu could be the crypto gem of 2023.
Join the presale here.
Is SHMU worth buying now?Its likely early investors are banking on the fact that crypto and AI have been forecast to be strong narratives in the next few years as an opportune moment to buy SHMU. Also notable is that the crypto market is expected to exit the bear market soon, with Shiba Memu launching on exchanges during this new cycle likely to see its value explode.
Currently, SHMU’s price is at $0.020800 and will rise to $0.021025, with the increase pre-programmed to occur every 24 hours at 6 pm GMT.
The open-ended presale will see the token’s value increase to $0.0244, and given similar trends in the meme coin world, could explode to new highs when trading begins on major exchanges. However, it is important to note that past performance is not a guarantee to future returns. The crypto market is also still largely wild and other market conditions can impact prices.
Learn more about this project by visiting their official website or read their whitepaper.
The post Bullish investors see opportunity in Shiba Memu as crowd bets against markets appeared first on Invezz.
