Cryptocurrencies face more slump, but Shiba Memu shines on presale

• Shiba Memu presale has raised over $2.2 million

• Increasing risk-off sentiment is hurting the rest of the sector

• Shiba Memu could return by up to 1,000%

The past week has been a bloody period for cryptocurrencies. A more than 10% loss takes Bitcoin to slightly above $26,000, while Ethereum is back to below $1,700. The losses reflect an increasing risk-off mood, with the US dollar gaining strengths. But does that mean investors are giving up on the sector? Shiba Memu (SHMU), an upcoming meme cryptocurrency, has witnessed high demand. With over $2.2 million raised, the presale illustrates interest in high-potential crypto projects.

Risk-off sentiment and what it means for crypto

Appetite for high-risk appetite has cooled off lately, thanks to sector concerns and macro developments. Sector risks have been underlined by falling Bitcoin volume on exchanges. This follows reports that Elon Musk’s SpaceX has sold its Bitcoin holdings.

Meanwhile, the US dollar, which has an inverse relationship with Bitcoin, has been gaining. The most notable contributor is expectations that the Fed will hold its hawkish monetary policy. Ahead of this week’s annual Jackson Hole meeting, analysts have been sounding higher rates.

The expectations of hawkish policy reflect elevated inflation rates. Although the July consumer price index eased to 3.2%, it remains outside the band Fed considers appropriate. The US central bank has a 2% inflation target, with July readings above it. As such, the projection of a hawkish stance has spooked crypto markets ahead of the meeting. 

Shiba Memu defies the risk-off mood

Shiba Memu is a new crypto project that aims to be self-sustainable in the meme space. This has attracted demand as the native token, SHMU, carries a use case that outwits its meme peers. In particular, investors may be attracted to Shiba Memu’s AI angle. The project utilises AI capabilities such as machine learning and predictive analytics to self-market itself. 

Shiba Memu can also engage with its users through an AI-led application. A robotistic dashboard lets users ask the robot questions, give feedback, and provide suggestions. The use cases are expected to make Shiba Memu a unique user-led platform. In the future, there is no limit on what Shiba Memu can achieve with its AI application.

As investors shun risky holdings like Bitcoin, they…