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Why Dogecoin Spin-Off Shiba Inu Is Nosediving Today

By Henry Khederian

Shares of several popular altcoins, including Shiba Inu (CRYPTO: SHIB), are trading lower again Wednesday in sympathy with apex cryptocurrency Bitcoin (CRYPTO: BTC) and second-largest market cap crypto, Ethereum (CRYPTO: ETH).

The broader cryptocurrency sector was highly volatile throughout Wednesday’s trading session following the April CPI report, which showed worse-than-expected inflation.

The headline CPI rose 8.3% in April, down slightly from 8.5% in March but above economist estimates of 8.1%. Prior to 2022, the CPI hadn't risen 8.3% in any month since 1982. Core inflation, which excludes volatile food and energy prices, was up 6.2% in April, above economist estimates of a 6% gain... Read More

Recent weakness for cryptos is also in sympathy with the overall stock market as traders continue to digest last Wednesday's Fed rate hike announcement. Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed's plans to curb inflation could weigh on the broader cryptocurrency sector.

See Also: Why Coinbase Stock Is Trading At 52-Week Lows

According to data from Benzinga Pro, Shiba Inu is trading lower by 24.55% to $0.00001221 Wednesday evening.

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Dive Deeper:
Shiba Inu Attempts Recovery With Dogecoin, Bitcoin: Why A Bigger Bounce May Come
Shiba Inu (CRYPTO: SHIB) was trading about 5% lower at press time, which represented somewhat of a recovery from the 27%…
Cryptocurrency prices today: Bitcoin, dogecoin, Shiba Inu, Solana surge; Terra plunges 49%
Cryptocurrency Bitcoin's price has at present slumped more than 50% lower compared to its all-time high
Bitcoin, dogecoin gain while ether, Shiba Inu plunge, Terra cracks 99%. Cryptocurrency prices today
Cryptocurrency Bitcoin's price is down 37% so far this year, trading far below its peak of $69,000
Bitcoin, dogecoin, Shiba Inu, other crypto prices today see sharp fall; Terra crashes 58%
Bitcoin's price has more than halved since a November surge that saw the crypto hit a record of nearly $69,000
One subscription that gives you access to news from hundreds of sites
Why Bitcoin Gold Is Falling Sharply Today
Shares of several popular altcoins, including Bitcoin Gold (CRYPTO: BTG), are trading lower again Wednesday in sympathy with apex cryptocurrency Bitcoin…
Why Baby Dogecoin Is Diving Today
Shares of several popular altcoins, including Baby Dogecoin (CRYPTO: BABYDOGE), are trading lower again Wednesday in sympathy with apex cryptocurrency…
Get all your news in one place