Will that boost institutional interest in altcoins

Key takeaways

The cryptocurrency market has underperformed over the last few hours, but that hasn’t halted investors’ interest in several crypto projects. Shiba Memu’s presale has now officially surpassed the $3.5 million mark, and the team is close to reaching its target for this round. 

Grayscale takes another bold step in the market

Grayscale Investments announced a few hours ago that it has partnered with  NYSE Arca to file for approval from the U.S. Securities and Exchange Commission (SEC) to convert the Grayscale Ethereum Trust (ETHE) to a spot ethereum ETF.

At the moment, the company’s Ethereum Trust is the largest Ether investment product in the world, with nearly $5 billion in assets under management. Grayscale made a similar move with its Bitcoin Trust product and is now awaiting the SEC’s approval to convert it to a spot Bitcoin ETF.

What is Shiba Memu?

Shiba Memu is a meme token project that continues to generate interest despite the current market conditions. The presale has crossed the $3.5 million mark after adding more than $500k over the last two weeks. 

It is a meme token project that will develop a platform to leverage the powers of AI and blockchain technology to create an unstoppable, entirely self-sufficient marketing powerhouse.

The team explained that Shiba Memu would handle the work of numerous marketing agencies. The AI on the platform means that Shiba Memu will be working 24/7 to generate exciting content to help companies and individuals market their products and services. 

Shiba Memu is launching as a meme project as it seeks to ride the recent popularity of meme coins. Over the last three years, the market cap of meme coins grew from practically $0 to reach the $20 billion mark in 2022. 

However, Shiba Memu doesn’t seek to be like other meme coins in the sense that it has a real-world use case. Shiba Memu has utility and will solve real-world problems for companies and individuals. 

According to the team’s whitepaper, Shiba Memu will come with self-sufficient marketing features powered by AI. The platform will develop its own marketing strategies, write its own PR, and promote itself in relevant forums and social networks.

For a start, Shiba Memu will operate on two major blockchains, Ethereum and BNB Chain

Shiba Memu’s presale tops $3.5 million

The Shiba Memu presale has now…