Shiba Inu Gets Put in the Doghouse by the Market, Nosediving 12% Today

When it rains, it pours. And today, Shiba Inu (CRYPTO: SHIB) investors feel like a dog that's been put in the doghouse in the midst of a thunderstorm.

Today, Shiba Inu has fallen precipitously, dropping 12.2% over the past 24 hours, as of 12 p.m. ET. This meme token has certainly not benefited from extremely bearish sentiment that's built up across the crypto market today. In totality, the entire crypto sector is now down by more than 11% over the past 24 hours, marking it the worst daily decline in quite some time.

This decline has been driven mainly by worries about the amount of capital flowing into risk assets over the near term. An increasingly hawkish monetary policy stance by the Fed has driven bond yields higher, taking high-growth tech stocks and cryptocurrencies on a downward spiral.

Source Fool.com