Is this a buying opportunity for traders?

Key takeaways

• Bitcoin has dropped below the $29k level, presenting a buying opportunity for some investors.

• Shiba Memu’s presale has now surpassed the $2 million mark.

The cryptocurrency market has been bearish this week, with the prices of most cryptocurrencies currently in the red zone.

Bitcoin, Ether, XRP, and SHIB have all lost more than 2% of their values this week and could experience further downward movement in the short term. 

Bitcoin drops below $29k level

Bitcoin has dropped below the $29k level as the cryptocurrency market recorded huge losses over the last 24 hours. At press time, the price of Bitcoin stands at $28,479 per coin. 

The other leading cryptocurrencies including ETH, SOL, SHIB, and XRP all recorded massive losses over the past few days. The decline in prices could serve as an opportunity for investors to purchase more cryptocurrencies. 

Despite the bearish sentiment in the market, Shiba Memu’s presale has hit a new milestone. The team has now raised more than $2 million in this presale round. 

What is Shiba Memu?

Shiba Memu is a cryptocurrency project that seeks to make it easier for people and organisations to carry out marketing campaigns. Although it is a meme coin, Shiba Memu has real-world use cases and offers value to the users.

It is still in its presale stage but Shiba Memu holds promise, with investors already pledging millions of dollars to the project’s development. 

So far, the Shiba Memu stage two presale has raised more than $2 million, with over 65 million SHMU tokens sold so far. 

In their whitepaper, the Shiba Memu team said the project combines AI and blockchain technology to develop an unstoppable, entirely self-sufficient marketing powerhouse.

Shiba Memu can execute the work of 100 marketing agencies thanks to how it leverages AI. As an AI-based platform, Shiba Memu will provide users with operational transparency thanks to its use of blockchain technology. 

If deployed, Shiba Memu will work 24/7 to identify ideal creative scenarios and work round the clock to develop excellent marketing campaigns. 

The project was launched as a meme coin as the team decided to take advantage of the recent popularity of meme tokens. Meme coins have become important in the crypto ecosystem, growing from a market cap of $0 in 2019 to $20 billion in 2022. 

With Shiba Memu, the platform has…