SHIB Plunges 6.2% Amid Broader Crypto Market Weakness

SHIB's price dropped by 6.2% over the last 24 hours, following a broader weakness in the crypto market.

The decline is attributed to two overlapping macro narratives: the fading odds of the US CLARITY Act passing this year and the looming Federal Reserve decision with markets expecting another rate hike and higher long-term Treasury yields.

This has led to a risk-off environment, causing Bitcoin to drop by about 3% to around $76,000, and crypto-related stocks like Coinbase to decline alongside it.

SHIB's price move is consistent with the pattern of high-beta meme assets moving more than the market in both directions when macro risk shifts.

The coin's exchange flows have also deteriorated, with mean outflows collapsing by 78% from their recent peak and net inflows turning slightly positive to exchanges.