Markets
What’s going on with Shiba Inu (SHIB)?
Shiba Inu SHIB/USD is trading up 14% to $0.00001844 over the past week. This strength comes amid a broader rally in the cryptocurrency market, driven by reports of a $1.44 billion inflow into investments in digital assets last week. As a result, year-to-date investment now stands at $17.8 billion, surpassing the $10.6 billion seen in 2021. Additionally, Bitcoin surpassed $63,000 after news of a failed assassination attempt in Donald Trump.
Why is it important
Cryptocurrency markets often exhibit strong momentum and sentiment-driven movements. Positive news or events in the broader cryptocurrency space, such as significant investment inflows totaling $1.44 billion, can boost overall market sentiment.
Investors perceive the increase in capital inflows as a sign of growing confidence in the cryptocurrency sector, leading to increased buying activity for several coins, including Shiba Inu.
Read too: Ethereum Surges 5% to $3,300: Will ETFs Arrive This Week?
Bitcoin also plays a crucial role as a bellwether for the cryptocurrency market. The news that Bitcoin has surpassed the $63,000 mark following events such as the failed assassination attempt on Donald Trump could create a ripple effect across the cryptocurrency market.
When Bitcoin performs well and reaches significant price levels, it often attracts new investors and media attention, which can spill over to other cryptocurrencies like Shiba Inu.
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