Why Shiba Inu Was Down 10% Today

At this point in their evolution, cryptocurrencies aren't turning into the hedge against market negativity that some investors thought they might. While the price of gold hit $1,900 per ounce for the first time since June 2021, cryptocurrencies are falling as geopolitical tensions rise. Leading the way among the bigger names today is Shiba Inu (CRYPTO: SHIB), which dropped almost 10% early Sunday. The meme coin was still trading down 8.2% as of noon ET Sunday.

With the prospects of a Russian invasion into Ukraine seemingly increasing, Shiba Inu wasn't the only cryptocurrency dropping. The price of Bitcoin also hit $38,000 for the first time in two weeks today. It is starting to look like gold and other precious metals may hold on to their place as leading market hedges against uncertainty and inflation.

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Source Fool.com