Why Shiba Inu Is Down Today, Despite 2 Key Catalysts

Popular meme token Shiba Inu (CRYPTO: SHIB) is once again on the move. Today, Shiba Inu is down 3.5% over the past 24 hours, as of 11:45 a.m. ET. 

This move comes despite a number of catalysts this week. Yesterday, Shiba Inu burned more than 1 billion tokens, accelerating the deflationary trajectory of this token. Additionally, a new Shiba Inu official communication portal was launched, leading to what many hope will be increased communication between the developer team behind Shiba Inu and the #ShibArmy. 

Unfortunately, the crypto market has continued selling off, with portfolio de-risking and profit taking continuing today. Larger-cap tokens such as Ethereum and Bitcoin have once again seen smaller declines than higher-risk meme tokens, as investors appear to be looking for safe havens across various asset classes of late.

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Source Fool.com