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Despite the Crypto Rally Slowdown, Momentum Persists in Shiba Memu Token Sale

Shiba Memu’s token sale continues to gain momentum, reaching over $4.5 million. Shiba Memu positions itself at the intersection of meme coins and artificial intelligence (AI).

Key Takeaways

  • The recent crypto rally experienced mixed performance as Bitcoin surged to its highest point in over 18 months but pulled back below $37,000, and Ethereum also retreated below $2,000.
  • BlackRock and Fidelity filed for Ethereum ETFs with the SEC following their application for a spot Bitcoin ETF, which the SEC is still reviewing.
  • The SEC’s decision on these ETFs is expected to happen simultaneously to avoid favoritism, with analysts believing approval for the spot Bitcoin ETF is likely.
  • Ethereum’s transition from proof of work (PoW) to proof of stake (PoS) has led the SEC to consider it a financial security, potentially impacting its ETF approval.

Crypto Rally Loses Momentum

The recent crypto rally saw Bitcoin and Ethereum experience mixed performance, with Bitcoin surging to an 18-month high before pulling back, and Ethereum dropping below $2,000.

BlackRock and Fidelity filed for Ethereum ETFs with the SEC, alongside their application for a spot Bitcoin ETF. The SEC delayed its decision for Franklin Templeton and Global X, with analysts expecting simultaneous approvals to avoid favoritism.

The SEC’s perception of Ethereum as a financial security due to its transition to proof of stake (PoS) may impact its ETF approval compared to Bitcoin.

Sam Altman’s Ouster and WLD Token Drop

OpenAI’s decision to fire Sam Altman, associated with WorldCoin, led to a more than 10% drop in the WLD token’s value.

Shiba Memu’s token sale continues to attract investors, raising over $4.5 million. Positioned as a meme coin with an AI angle, it aims to compete with existing tokens and gain traction through marketing and ecosystem utility.

To Conclude

While the broader crypto market experiences mixed performance, Shiba Memu’s token sale maintains momentum, positioning itself as a unique meme coin with potential for growth in the crypto industry.