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Shiba Inu (SHIB) Price Suddenly Spikes 14%. Here's Why – U.Today



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Alex Dovbnya

Shiba Inu (SHIB) has surged 14%, recovering together with the broader cryptocurrency market and U.S. stocks

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The price of popular meme coin Shiba Inu (SHIB) has spiked almost 14% within one hour and 25 minutes, reaching an intraday high of $0.0000087 on the Binance exchange.

SHIB
Image by tradingview.com

The cryptocurrency recovered together with the rest of the cryptocurrency market. Bitcoin, the king of crypto, spiked to as high as $22,345 on the Bitstamp exchange shortly after the U.S. Federal Reserve Chairman Jerome Powell said that he didn’t expect big rate hikes to be common, seemingly allaying investors’ concerns.

As reported by U.Today, the Federal Open Market Committee (FOMC) announced a 75 basis point hike earlier today for the first time since 1994. The committee has highlighted its determination to get inflation under control after the consumer price index (CPI) reached the highest level in over four decades in May.

Shiba Inu remains the 17th biggest cryptocurrency, according to data provided by CoinMarketCap.

The meme coin is down 90.28% from its record high after greatly underperforming in 2022 together with other risk assets.



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