Why Shiba Inu Is Sinking This Week
The Shiba Inu (CRYPTO: SHIB) cryptocurrency has seen big sell-offs in this week's trading. The popular meme coin was down 22.7% over the last seven days of trading as of 4 p.m. ET Friday, according to data from S&P Global Market Intelligence. The token price then rose 0.5% over the next 24 hours of trading.
The cryptocurrency market saw a wave of sell-offs this week due to news from the Federal Reserve, and Shiba Inu was a part of the pullback. But even with a big valuation contraction this week, the token is still up 108% year to date as of this writing.
The Fed held its latest policy meeting on Wednesday and announced that it was moving forward with the widely anticipated 25-basis-point cut for the benchmark interest rate. Unfortunately, the central banking authority gave a rate outlook for 2025 that was more hawkish than many investors had expected.
Source Fool.com
