Why Shiba Inu Is Down Today
Over the last 24 hours, the price of the popular meme token Shiba Inu (CRYPTO: SHIB) fell 5.5% lower as of 11:06 a.m. ET today, as investors took a breather after a strong rally that has boosted Shiba Inu close to 34% over the last week.
As one of the big meme cryptocurrencies, the ups and downs of Shiba Inu can often be hard to explain and don't always have a strong catalyst driving the move. But over the past week, it has been at the top end of the crypto market, outperforming the likes of the largest cryptocurrency, Bitcoin, and its main meme-token rival, Dogecoin.
"Recency bias suggests to investors that a bottom has been formed with Bitcoin and Ethereum this past weekend and that the market may be poised for a short-term recovery," Edson Ayllon of the asset management platform dHEDGE told CoinDesk recently.
Source Fool.com
