Crypto Market Woes
The Shiba Inu price has taken a nosedive, losing over 10% in a single day. This is largely due to Bitcoin’s recent drop below $65,000.
FOMC Meeting Jitters
The upcoming Federal Open Market Committee (FOMC) meeting is also weighing on the crypto market. Investors are anxious about its potential impact.
Bitcoin Correction
Bitcoin has been on a bull run for much of the year, but it’s now experiencing an expected correction. This has dragged down other cryptocurrencies, including Shiba Inu.
Shiba Inu’s Losses
Shiba Inu has lost about 50% of its gains from the past month. Its daily trading volume has also dropped significantly.
What’s Next?
Shiba Inu’s price is likely to follow Bitcoin’s lead. If Bitcoin continues to struggle, SHIB may also face challenges.
Bullish Outlook
Despite the recent downturn, some analysts remain bullish on Shiba Inu. They believe it has shown strength this year and could still reach $0.000081, a 350% increase from current levels.
