Curve Finance exploit leaves DeFi tokens reeling: Should you buy Shiba Memu?

Cryptocurrency prices saw a topsy turvy July, analysts at market intelligence platform Sentiment observed in their latest outlook for the industry. Meanwhile there’s fresh focus on meme coins, in the spotlight being Dogecoin and Shiba Inu. But could the market be looking at another gem in the shape of Shiba Memu?

Here we assess the Curve Finance hack and why interest in the new AI-powered meme coin noted above is rising.

DeFi tokens bleed after Curve Finance hack

After a month that saw Bitcoin retrace nearly 6% and Ethereum just under 5%, the early exuberance that followed Ripple’s win against the SEC seems to have given way to a boring lull. Traders are now turning their attention to what could be a pivotal month for tokens, particularly for DeFi after the exploit on Curve.

What happened at Curve Finance is that the DeFi exchange recently suffered a major exploit, an attack that saw millions of dollars’ worth of user assets stolen.

Some market experts say the chaos at Curve poses a risk to the wider sector, with multiple stablecoin pools likely to be drained. The Curve team has identified many liquidity pools that could be drained as a result of the “re-entrancy” bug in the Vyper compiler.

Curve CEO Michael Egorov is said to have pledged 34% of CRV’s market cap as collateral for loans across multiple DeFi protocols. If prices fall and a forced liquidation happens, the entire sector could reel from new downward pressure. Liquidation against the Curve founder is thus a huge concern.  The confluence of these factors has seen several governance tokens and coins slip sharply in the past day.

For instance Compound (COMP) was down 18%, Convex (CVX) 14%; Frax (FXS) 13% and Aave (AAVE) 12%. The price of CRV, the governance token of CurveDAO fell 20% after the exploit.

What does this mean for tokens in other sectors, including meme coins? Is this why Shiba Memu’s presale is so hot?

What is Shiba Memu?

Although the meme coin market is seeing similar sell-off action as other coins – the massive and hit and fade print for BALD token aside – there’s notable buoyance bubbling for Dogecoin (DOGE) and Shiba Inu (SHIB).

With rumours beginning to swirl around the likely developer of Bald token and DeFi tokens in a flux, investors looking at meme tokens that promise comparable appeal to DOGE and SHIB have flocked to Shiba Memu.

Shiba Memu is a new project that looks to tap into blockchain technology and artificial intelligence (AI) to create the biggest meme coin communities. The token is currently in presale – accessible here – and has raised more than $1.4 million in less than four weeks since its launch in July.

The dog-inspired meme token’s eight-week presale is the first milestone in a development roadmap envisioning a complete overhaul of the meme and AI space.

A meme coin with touch of AI brilliance

As a new dog-themed meme token, Shiba Memu could be mistaken for just another wanna-be Dogecoin rival. While the reliance on hype and momentum to reach and create a dominant community is a part of Shiba Memu – as is with most meme tokens – there’s one aspect that could set the new project apart from others.

This is in how Shiba Memu works and what it could achieve that is likely to be the key difference with other meme tokens. Integrating machine learning, natural language processing, video and image analysis points to an innovative way to maintain a well-oiled marketing machine. As noted in the whitepaper, Shiba Memu is developing an AI-powered marketing dashboard.

This will be able to automatically write, deploy and manage its marketing strategies, including seeking out traction across all the social media platforms. The AI system will also keep learning and refining its approach.

Amid the AI revolution will be the integration of user feedback and development suggestions- all tailored around the value returns SHMU holders get.

What’s the price projection for Shiba Memu?

AI and blockchain are the two buzz words in the market today, and a token that combines the best of the two worlds is proving attractive to Web3 investors.

This prospect could set the Shiba Memu project on course to dominate the dog-crypto world, which could reflect in the future price of the native SHMU token.

The presale has the price of SHMU programmed to increase at regular intervals throughout the 8-week period. From $0.011125 at presale launch, SHMU’s value will jump every day at 6 pm GMT until it hits the $0.021 level.

After that, price increases will be subject to market conditions and other factors. The roadmap is also set with key milestones that could provide price trigger moments, case in point being the launch of the AI dashboard and integration of various social media platforms in Q1, 2024. The token will also go live on major centralised exchanges and integrate with leading decentralised applications in Q3 and Q4, 2024 respectively.

Such catalyst could greatly influence future performances of SHMU, the likely reason investors are taking advantage of the presale.