市场见解

Why the Price of Shiba Inu is down today

The cryptocurrency seems to be following broader moves in the crypto market.
The post Why the Price of Shiba Inu is down today appeared first on The Motley Fool Australia. –

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

The price of Shiba Inu (CRYPTO: SHIB) had fallen more than 15% over the last 24 hours as of 10:37 a.m. ET today, in line with moves seen in the broader cryptocurrency market.

So what

Cryptocurrencies got hammered over the weekend, with the price of Bitcoin (CRYPTO: BTC) at one point plunging to around $42,000 briefly before coming back up to around $48,000. Large moves in Bitcoin tend to trigger the rest of the market.

But the interesting thing is that Bitcoin and most other cryptocurrencies seem to be struggling from the same concerns as traditional equities, such as the omicron variant, higher inflation, rate hikes coming sooner, and continued struggles in the Chinese real estate market.

“This crash in the market definitely shows us that bitcoin isn’t fully decoupled from the global markets,” Marcus Sotiriou, a trader at digital asset firm GlobalBlock, told CNN. “It hasn’t gotten to that stage yet where it’s big enough to hold its own.”

Sotiriou also said it looks like institutional crypto traders are booking profits before the end of the year, with the uncertainty over market conditions in 2022.

Now what

The price of Shiba Inu clearly seems to be moving with broader crypto prices at the moment, but I’ve never believed this cryptocurrency, in particular, is anything more than essentially meme investing.

There are no solid fundamentals behind the token, although given its popularity I am sure it will stay relevant in the near term. Overall, I would stay away, as investments lacking the fundamentals can really drop hard when market conditions get tougher. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why the Price of Shiba Inu is down today appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

3 cryptocurrencies that crushed Shiba Inu in November

You could’ve made $1 million investing less than $1,500 in these 3 cryptocurrencies

Shiba Inu soars and crashes, but it’s still holding up this week

Here’s how these 4 top traded cryptos performed in November

2 reasons why Shiba Inu surged more than 30% today

Bram Berkowitz owns shares of Bitcoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

随时随地,交易世界!

移动APP平台,拥有 12 个市场的 50,000 多种全球上市证券(全球市值超过 70%),直接在您的 Android 或 iOS 设备上即可操作。

与独有的交易理念和投资分析工具相结合,帮助您在我们 12 个全球市场中的几乎所有金融工具上找到可操作的见解,从而帮助您优化交易策略。

推荐给您的朋友

向您的朋友推荐Monex并赠予他们免费使用我们交易工具的机会

我们尊重您的隐私,只会向您的朋友发送一封邮件 

与您的朋友分享

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!