Why Shiba Inu Is Surging Today
Shiba Inu (CRYPTO: SHIB) is soaring today. The cryptocurrency's price was up roughly 9.3% over the previous 24-hour period as of 3:30 p.m. ET Saturday.
There doesn't appear to be any coin-specific news driving Shiba Inu's price higher today, but investors have generally been easing back into risky and otherwise speculative investments over the last week. The broader cryptocurrency market is enjoying bullish momentum, and the popular meme token is benefiting.
Following some intense bearish pressures earlier in March, investors poured back into cryptocurrencies stocks over the last week of trading. Recent comments from Russian and Ukrainian policy officials suggest that the two sides are making progress on negotiations that could bring an end to the invasion of Ukraine. The quarter-point interest rate hike announced by the Federal Reserve at its meeting on Wednesday was also below the potential half-point increase that had been prompting market anxiety. The combination of these developments appears to have prompted an uptick in bullish sentiment that's helping to lift Shiba Inu's token price.
Source Fool.com
