What’s wrong
Shiba Inu (((( SHIB -3.32% ). It’s skyrocketing today. Cryptocurrency prices have risen about 9.3% in the last 24 hours as of Saturday at 3:30 pm.
There doesn’t seem to be any coin-specific news that pushes Shiba Inu prices up today, but investors returned to risky speculative investments last week. The broader crypto market is enjoying the bullish momentum and the popular meme tokens are benefiting.
So what
After some intense bearish pressure in early March, investors returned to crypto stocks in the last week of trading. Recent comments from Russian and Ukrainian policymakers suggest that both sides are in talks that could put an end to the Ukrainian aggression. The quarter point rate hike announced by the Federal Reserve at its Wednesday meeting was also below the potential half-point rise that was causing market instability.The combination of these developments seems to have prompted a rise in bullish emotions that are helping the rise. Shiba Inu Token price.
Image Source: Getty Images.
So
Shiba Inu has a market capitalization of about $ 13.3 billion and is ranked as the 15th largest cryptocurrency in the valuation. The token price of meme tokens has fallen by about 72% from the lifetime highs that occurred in October last year, but has risen by more than 36,300% in last year’s trading.
If negotiations put an end to Russia’s invasion of Ukraine in the near future, it could reduce investor risk aversion and create positive momentum for SHIB and other cryptocurrencies. Still, the outlook for that front remains uncertain. Shiba Inu can also be boosted by increased recruitment, the addition of tokens to new exchanges, or applications built around tokens, but they are also less visible in these respects. Investors need to understand that this cryptocurrency is still very speculative and move forward.
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