Shiba Inu Price Prediction: SHIB Plummets 16% As Traders Eye This ”People’s Meme Coin” Offering 379% Staking APY
The Shiba Inu price dropped 16% in the last 24 hours to trade at $0.000020 as of 4.45 a.m. EST on trading volume that surged 11% to $1.56 billion. The reason behind the drop was the US Federal Reserve Chair Jerome Powell’s recent comments, indicating caution over interest rate cuts that spooked markets. Powell said that inflation might be higher than expected, which could result in interest rates remaining high for longer, which resulted in a broad sell-off in risk assets, with crypto markets seeing $1.2 billion in liquidations. Powell also dismissed speculation on Bitcoin reserves which Trump introduced as an idea during his presidential campaign, which further contributed to the sell-off. As Bitcoin crashed, the rest of the crypto market followed, with many among the top 10 largest cryptos dropping more than 10%. By far the biggest loser on this list is Dogecoin, which dropped over 17%. Meanwhile, in the meme coin sector, most cryptos have been crashing just as much. Pepe dr...