Meme Coin Selling: Why Shiba Inu, Dogecoin, and The Sandbox Are Down Today

Today, a range of more speculative meme tokens are seeing increased selling pressure. Popular dog-inspired cryptocurrencies Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE) have declined 6.8% and 4.4%, respectively, over the past 24 hours as of 12:30 p.m. ET. Other high-momentum tokens such as metaverse crypto The Sandbox (CRYPTO: SAND) haven't been spared, with this token declining 3.1% over the same time frame today.

A string of catalysts appear to be behind this meme token decline today. For one, Sen. Joe Manchin's rebuttal of President Joe Biden's Build Back Better plan has sent risk assets lower today. Stocks, crypto, and commodities all got hammered on this news. Continued concern around the omicron variant has investors on edge. And there remains a growing number of investors who are unsure as to whether inflation, and the monetary tightening that appears underway from the Federal Reserve, will prove to be bullish or bearish for risk assets.

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Source Fool.com