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Cryptocurrencies soared on Monday as Bitcoin price broke to near $28,000 again, with the total crypto market cap rising by more than 2% to above $1.11 trillion. What does the latest buy pressure that has crypto flipping green on the 24-hour log portend for Shiba Memu (SHMU)?

Bitcoin surged more than 3% early Monday, trading to highs of $27,958 on major crypto exchanges. The move leaves BTC eyeing a break above $28k and possibly a retest of recent supply wall area around $28,600.

This technical picture is looking likely as the market ponders what next for Bitcoin ETF after the deadline for the Securities and Exchange Commission (SEC) to appeal a US court ruling on Grayscale’s bid to convert its Bitcoin Trust fund to a spot ETF passed. The immediate reaction is much like in late August, when the DC Circuit court vacated SEC’s denial of GBTC to BTC ETF conversion proposal to see the price of crypto’s benchmark asset rise sharply.

Although the broader macro environment could impact prices in the short term, the question of “when Bitcoin ETF” is attracting positive sentiment across the industry. Meanwhile, the Grayscale discount has hit its narrowest level since December 2021. The discount gap, which began to narrow sharply at the beginning of the year, has reduced further after the company reportedly noted that its ETF team was “operationally ready” to convert GBTC to a Bitcoin ETF.

The overall scenario is that ETF experts and market analysts are looking at the potential approval of a first Bitcoin spot ETF for the US market early next year. Bloomberg analysts have given this possibility a 90% chance, and many see it as a catalyst that could tie in with the upcoming halving to push crypto well into a bull market.

Is this outlook for Bitcoin, Ethereum and even top meme coin Dogecoin likely to drive Shiba Memu higher? Understanding the new memecoin’s value proposition could be key to investors out to pick a potential gem from the crowd.

Shiba Memu is a new cryptocurrency project within the memesphere. But unlike the regular meme coin, this project seeks to bring more utility to the community via a unique integration of blockchain and artificial intelligence.

Shiba Memu’s use of AI is aimed at supercharging the meme’s marketing efforts, with the additional utility of the SHMU token resulting in a robust ecosystem that will largely morph into a efficient marketing machine.

The project’s AI dashboard will allow SHMU holders to interact and provide feedback and suggestions, with users having a chance to earn tokens for incorporated suggestions. Holders can also stake SHMU, while the promise of further utility extends to roadmap milestones such as play-to-earn gaming and NFTs.

Simply, if the market conditions predicated on possible ETF news and Bitcoin halving align for a bull market, buying Shiba Memu during the presale might turn out to be a great move.

As noted above, the unique approach to project development and the inclusion of key utility features has Shiba Memu poised as one of the top new projects for 2023.

Projects like Dogecoin, Shiba Inu and Pepe have variously gained massive traction, hitting new price levels amid wider community traction. But as has been witnessed over the past few months, a larger part of the hype that drives the sentiment has come from influencer power rather than real token utility. As such, flip the hype and everything appears stymied.

Rather than rely on irregular hyped events, Shiba Memu seeks to infuse the AI-powered functionality right from the off. Rather than ephemeral growth, the project aims to be gradual and self-sufficient. It’s likely the reason investors looking to go long on a new project are widely embracing the SHMU presale.

Currently, the project has raised more than $3.8 million, with this milestone reached potentially due to the massive bargain the presale could be offering. Investors also know the token could explode when it eventually goes live on exchanges and positioning at current prices could be an opportunity not to miss.

Visit the Shiba Memu website for more information about its presale.

The post Bitcoin ETF sentiment sparks fresh crypto upside, Shiba Memu soars appeared first on Invezz.

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