Grayscale to convert its Ethereum Trust to a spot ETH ETF: Will that boost institutional interest in altcoins

2023-10-3 07:14

Key takeaways

Grayscale has filed to convert its Ethereum Trust to a spot ETH exchange-traded fund (ETF).

Shiba Memu’s presale has now officially surpassed the $3.5 million mark.

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 officially crossed the $3.5 million mark as investors continue to show interest in the project. The project has raised over $500k in two weeks, indicating a strong value proposition amongst investors. 

The team has always maintained that the money raised in the various presale rounds would be directed towards the development of some Shiba Memu products. The Shiba Memu AI technology would be the primary recipient of the funds generated from the presale events as it is the platform’s primary product. 

Click here to find out more about Shiba Memu’s presale event. 

Should you invest in Shiba Memu before this presale stage ends?

The crypto market has been ranging in recent weeks, but that hasn’t resulted in a decline in Shiba Memu’s interest. The project’s presale continues to generate interest from investors thanks to its value proposition. 

As investors prepare for the next Bitcoin halving in 2024, they are on the lookout for some exciting projects. Shiba Memu could be one of the projects to benefit from the next bullish cycle. 

Market analysts are now expecting Bitcoin and other cryptocurrencies to rally over the next few months. SHMU could be a big winner thanks to its value proposition to investors and users. The tone could rally higher once the project launches and the token gets listed on crypto exchanges. 

The post Grayscale to convert its Ethereum Trust to a spot ETH ETF: Will that boost institutional interest in altcoins appeared first on CoinJournal.

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