Shiba Inu (SHIB) Striving Hard Despite Bearish Momentum

Shiba Inu (SHIB) Striving Hard Despite Bearish Momentum
Shiba Inu (SHIB) Striving Hard Despite Bearish Momentum

  • Investors in meme tokens seem to be paying greater attention.
  • Shiba Inu’s price activity was much the same.

There was a lot of volatility in the crypto world this week. This was the case with meme token Shiba Inu. The World Health Organization’s designation of the omicron variation as a “variant of concern” on Friday sparked a lot of volatility in the cryptocurrency market over the weekend. Shiba Inu’s price dropped significantly over the weekend, but it swiftly recovered on Monday thanks to the 24-hour, 365-day accessibility of crypto markets.

As investors reassessed Friday’s sell-off, risk assets rose across the board on Monday. Speculation of a new metaverse game pushed Shiba Inu’s price to a new high on Friday.

On Tuesday, Shiba Inu’s price activity was much the same, with the meme token soaring more than 30 percent at its daily highs. As a result of a listing on Kraken, a well-known cryptocurrency exchange, investors were enthusiastic.

Maintaining Price Level

The price of Shiba Inu was under considerable pressure for the rest of the week. On the other hand, SHIB tokens completed the week flat on a week-over-week basis.

SHIB/USDT: Source: TradingView

In recent months, more speculative risk assets, such as Shiba Inu, have begun to move closer to riskier equities. Investors in meme tokens seem to be paying greater attention to the direction of money flows towards risk assets.

The token may be best avoided by long-term conservative investors concerned about capital preservation and high risk-adjusted returns. Volatility is expected to continue. According to CoinMarketCap, the SHIBA INU price today is $0.000035 USD with a 24-hour trading volume of $2,087,767,263 USD. SHIBA INU has been down 6.13% in the last 24 hours.

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