Summary:
To be sure, both doge and Shiba coins outpaced the overall crypto market, which climbed by 3.5% during the same period. Risk assets rose broadly on Wednesday as investors breathed a sigh of relief following the release of the Labor Department’s December consumer price index report. That gauge of inflation came in at 7% year on year, meeting market expectations and avoiding the “what if” debate experts had been bracing for had it been higher.
Details:
The meme token outperformed on a good day for cryptocurrencies in general. On the whole, dog-themed meme tokens had a wonderful day on Wednesday. However, Shiba Inu (SHIB) surpassed other large-cap meme tokens like Dogecoin. Shiba Inu was up 13.8% in the previous 24 hours while Dogecoin was up by 5%.
In expansion to the macro-economic report, Shiba Inu got a big jolt from talks that Robinhood could list the token by Feb. A tweet from BreakingCrypto on Wednesday daybreak spurred a dramatic surge in the price of SHIB. Any significant listing on a widely used exchange is significant for the coin in question. Most tokens skyrocket in the months after such incidents.
As a result, investors seeking to capitalise on this trigger looked to be buying Shiba Inu aggressively. Shiba Inu rumours aren’t new. They had a significant impact on its pricing around a month ago. The cryptocurrency is heavily traded, and exchanges that earn from trading volumes have an incentive to include the “hot” cryptos of the time.
Previously, Robinhood denied that its retail-friendly trading platform will soon allow Shiba Inu. However, the revival of these rumours did not prevent the price from rising this time. It remains to be seen if this newest incarnation of the rumour will come true, or if it was just another smoke-and-mirrors attempt to drive up the price of Shiba Inu in the short term.
What is evident is that momentum in the meme-token segment of the crypto market has dropped significantly. More conservative assets appear to be on the minds of investors trying to make gains and de-risk their portfolios. Given this meme token’s track record, anything is conceivable. Perhaps this is the beginning of another major rise. Only time will tell so stay tuned.
Credits: www.fool.com