Why Shiba Inu Surged Today, Then Plunged

Popular dog-themed digital currency Shiba Inu (CRYPTO: SHIB) has been volatile over the past day. Yesterday morning, this cryptocurrency surged as much as 12% on broadly positive momentum in the crypto sector as a whole. News that Shiba Inu has officially surpassed 1 million token holders appears to be partly responsible for this earlier surge.

And this morning, crypto exchange Phemex announced it would be adding support for Shiba Inu. This follows an announcement earlier this week that Singapore-based exchange Coinhako would be picking up the token as well.

However, risk assets have taken a beating today based on concerns that another coronavirus variant could slow growth in the near term. As of 1:30 p.m. ET today, Shiba Inu had sunk more than 13% over the previous 24 hours. 

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Source Fool.com