Shiba Memu shines as investor buying power hits 6-month high
Shiba Memu presale has hit $3.6 million as more investors buy into AI meme coin.
Meanwhile, stablecoin on exchanges is at a 6-month high, led by massive whale deposits.
What does spike in exchange buying power means for crypto, Shiba Memu?
Although the crypto market is still largely in the accumulation phase amid the latest price movement, analysts are pointing to on-chain data to suggest a bull run might not be that far off. That has to do with an uptick in exchange holdings of the stablecoin Tether (USDT), a metric that has historically coincided with fresh opportunities for crypto investors.
What does this strong bullish flip mean for Shiba Memu, a new crypto project that has raised nearly $3.6 million in its recently launched presale?
Investor buying power jumps 7%, what it means
As Bitcoin broke above $28k earlier this week, on-chain data shared by market intelligence platform Santiment pointed to a significant change in investor sentiment. This is down to the amount of Tether on exchanges, which data shows recently hit a six month high. The exchange buying power increased 7% from roughly 17.6% to 24.7%.
It’s an increase that points to a spike in stablecoin buying power, often an accumulation phase that precedes a fresh entry into the market. A sharp rise in exchange buying power, which takes shape with whales in the forefront, tells the market investors know it’s time to buy the dip.
“The 10 largest addresses have also upped their $USDT holdings from $7.30B to $9.42B in 3 months,” Santiment wrote on X (formerly Twitter). It’s an outlook that suggests the next market dip could be significant, although that’s when investors seize on the opportunity to buy at discount prices.
Often, BTC and ETH are top buys when prices crash. XRP and Polygon, two altcoins that are seeing month-high volumes driven by various factors, could be at the top of many investors’ watchlists. However, as investors have always eyed the next bull market gem – one of the projects attracting most attention in Shiba Memu.
Shiba Memu – marrying meme with AI
Shiba Memu is a project that seeks to bring the benefits of artificial intelligence to the meme coin world.
Dogecoin, Shiba Inu and other leading meme tokens have one feature in common – the inordinate reliance on human marketing effort to feed into the hype that drives traction. Shiba Memu stands out on this aspect among its would-be memesphere competitors. Mainly, it’s the AI-driven project’s leveraging of the new technology to create a marketing powerhouse that doesn’t rely on human effort.
Apart from that, value for the community will be enhanced by functionality such as staking and interaction with decentralised applications (dApps).
How does Shiba Memu work?
Natural language processing, machine learning, predictive analytics and image/video recognition are among trends that define the project’s selling point. AI algorithms will be used to create a self-sustaining marketing machine, feeding on the meme-inspired world to drive adoption for SHMU.
This will be achieved via a unique AI dashboard that will among other features offer direct interaction between the meme genius and Shiba Memu holders. Feedback and suggestions incorporated from users will give them a chance to earn extra SHMU.
AI narrative – mainstream adoption is here
One of the major venture funding developments this week has been the news that artificial intelligence startup Anthropic is looking to raise $2 billion from investors, led by Google. Reported by The Information, the details emerge just days after ecommerce behemoth Amazon.com Inc. said it would invest up to $4 billion in the OpenAI rival.
According to the report, Anthropic’s latest funding could see the company valued at $30 billion, a prospect that has ignited interest in AI following the high expectations championed by Microsoft, Nvidia and Palantir among others.
Elsewhere is the continuing adoption of crypto and blockchain that has investor optimism on the industry’s future at new highs. Shiba Memu’s AI-powered project sits nicely at the intersection of these two technological developments.
Indeed, interest in this AI-powered meme token has seen its presale attract remarkable investment from around the globe. Currently, that amount stands at $3.6 million and more will likely seek this early-bird opportunity.
Learn more about Shiba Memu from its whitepaper or by joining the presale here.