FTX pressure on Solana, other top altcoins: Buy Shiba Memu?

September 11, 2023 07:39 PM AEST | By Invezz
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As FTX awaits approval to liquidate over $3.4 billion in assets to refund claims, market sentiment could flip negative amid a significant dump. Among cryptocurrencies likely to face fresh downside pressure is Solana (SOL), a token the collapsed crypto exchange currently holds in massive numbers.

But what does this hold for Shiba Memu, the new AI-powered meme coin that has smashed past $2.6 million in its presale?

Solana and the FTX dump- what’s the picture?

Multiple altcoins declined this weekend as the market reacted to rumors of an impending FTX dump – particularly for Solana. The main point here is that FTX is expected to seek court’s approval to liquidate the $3.4 billion worth of assets it holds.

It’s this outlook that has sellers pushing for dominance. SOL leads the negative sentiment as FUD spread that the FTX debtor was primed to offload millions of SOL, BTC, ETH, MATIC, APT, XRP and DOGE.

With the largest chunk being Solana, the token’s price lost the $20 buffer zone to reach lows of $18 on Monday. While a dump is possible across the market and prices could shrink further, the impact is likely to be more of a slow burn rather than a nosedive.

Analysts say FTX will actually not liquidate all the millions worth of SOL held, with these indeed staked and locked. The vesting period runs through 2028, suggesting sell-off pressure will linger for longer and SOL might struggle to recapture its bull cycle highs of $260. The current price of Solana is 93% down on that bull market peak.

What is Shiba Memu?

Shiba Memu is a new crypto meme project that integrates artificial intelligence and blockchain to create a wholly self-sufficient marketing system. Investors enthusiastic about crypto and AI have shown remarkable interest in the project – which is highlighted by the explosive presale that has had investors scoop millions of the native SHMU token.

The project’s interactive AI marketing dashboard is under development and will go live in the first quarter of 2024. The tool is designed to take Shiba Memu to the next level of adoption via a 24/7 marketing system incorporating natural language processing, predictive analytics and sentiment analysis.

Why buy Shiba Memu today?

As the heartbeat of the Shiba Memu ecosystem, the dashboard will also see investors provide feedback and suggestions for a chance to earn SHMU. The token also allows for staking, which adds to the potential that investors see in buying this meme coin today.

These and other features captured in the whitepaper have seen investors touting Shiba Memu as one of the few tokens to watch this year. The potential to dethrone the likes of Dogecoin and Shiba Inu is a major buzz already, even as sentiment drives the price of SHMU to $0.026650.

If the strong AI narrative marries with the forecast crypto surge, an explosive debut in the market similar to one witnessed for Shiba Inu, Pepe and other meme coins could be on the cards for Shiba Memu. Early investors might be looking at levels in the $0.5 to $1 region in the next bull cycle.

Learn more about Shiba Memu here.

The post FTX pressure on Solana, other top altcoins: Buy Shiba Memu? appeared first on Invezz.


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