Crypto
Shiba Inu Token Dives Amid Broader Market Risk-Off
The Shiba Inu (SHIB) token dropped by 4.13% in recent days, but experts say this move is not unique to SHIB and can be attributed to a broader market risk-off and meme-coin basket selling.
Over the last 24 hours, the total crypto market cap fell from about $2.71 trillion to $2.61 trillion, a drop of roughly 3.55%, while altcoin market cap slipped from about $1.09 trillion to $1.07 trillion, about 1.76% lower over the same period.
Market commentary highlights Bitcoin being rejected around the $80,000 area and retreating toward $78,000 ahead of key US inflation releases (PPI/CPI), with altcoins following lower as traders de-risk into the data and digest prior gains.