Shiba Inu Is Soaring Today-Here's Why
Shiba Inu (CRYPTO: SHIB) is up 7.9% in the last 24 hours as of 2:00 p.m. ET on Monday. The jump comes as the S 500 is up 0.4% and the Nasdaq Composite is up 0.2%.
The "meme coin" is far outpacing Bitcoin's modest rise as the crypto market gains for the second day, following a key policy reversal from one of the world's largest asset managers. Shiba Inu may also be getting a bump from a significant increase in token burning.
Earlier this week, Vanguard said it would allow investors to trade crypto mutual funds and ETFs on its brokerage platform, reversing a long-standing prohibition. With $11 trillion in assets managed through its brokerage, the move opens the door to a massive amount of capital, though how much actually flows into crypto-related funds is likely to be a tiny fraction of that eye-watering sum.
Source Fool.com
