Cryptocurrency prices have recoiled in the past few months. Bitcoin, which surged to a high of $32,000 in June, has retreated to about $26,000 while the total market cap of all coins has dropped to $1.08 trillion. A sense of fear has spread in the market, with the fear and greed index slipping to the fear zone of 45.
Shiba Memu is doing well
Despite the ongoing doom and gloom, Shiba Memu, a new meme coin is doing well. The developers have raised over $2.9 million in its token sale. This makes it one of the best-performing token sales this year since it has been going on in the past few months. You can buy Shiba Memu here.
According to its white paper, Shiba Memu is a cryptocurrency that takes advantage of some of the biggest themes in the market. It is designed to be a major player in the meme coin industry, which is now worth billions of dollars. The sector is now dominated by the likes of Pepe, Shiba Inu, and Dogecoin.
Shiba Memu also aims to benefit from the ongoing inflows of artificial intelligence (AI). Many analysts believe that the AI technology will disrupt all industries, including journalism, marketing, automobile, and manufacturing.
Shiba Memu’s technology, which the developers are working on now, will leverage multiple technologies. For example, it will use technologies like Natural Language Processing (NLP), predictive analysis, personalization, sentiment analysis, and image and video personalization. It will use this technology to develop its own marketing content.
Shiba Memu holders will also benefit as the ecosystem grows. For example, they will make money through staking, which is a process where people make money for just holding a cryptocurrency. In some cases, crypto staking can earn investors over 10% in annual returns.
Most importantly, Shiba Memu token sale is unique in that the token price rises every day. At the time of writing, Shiba Memu was selling at 0.02800 USDT. The price will then rise t 0.028225 USDT in the next session. This means that initial SHMU buyers have seen their token price jump even before the exchange listing.
Federal Reserve decision ahead
Another likely catalyst for Shiba Memu is the Federal Reserve, which will deliver its monetary policy decision on Wednesday. This decision will come at a difficult time for the US economy.
For example, UAW workers have gone on a major strike, calling for higher wages. Analysts believe that this strike will go on for a few weeks, hiurting the American economy. For example, RSM analysts note that a month of strikes will hurt the economy by ~0.20%. Bank of America analysts also expect a 0.1% to 0.2% hit to the economy.
At the same time, millions of Americans are set to start paying their student loans at the end of this month. Most of them will pay between $200 and $300, reaching over $100 billion in the first year alone.
Further, recent data showed that the labor market is softening. The unemployment rate rose to 3.8% in August as the economy added 184k jobs. Also, the Panama Canal is seeing its biggest traffic jam in years. All these factors mean that the Fed could end hiking rates, which is a positive thing for cryptocurrencies like Shiba Memu.
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