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
Today’s fluctuations with cryptocurrency Shiba Inu (CRYPTO: SHIB) don’t necessarily register on the meme-token Richter scale. In fact, by all accounts, it’s been a “steady-as-she-goes” day, with Shiba Inu fluctuating within a very modest 3.5% band throughout the day. As of 4:15 p.m. ET, Shiba Inu is up 1%, though its daily gains and losses haven’t exceeded 2.5%, a telling statistic.
Broadly speaking, it appears crypto investors are taking a breather today, following some “bad-news-is-good-news” rally over Indian crypto legislation. Bond yields have stabilized and there’s relatively little news flow driving specific meme tokens like Shiba Inu — at least, not enough news to push this token by a double-digit percentage margin in a specific direction.
So what
In addition to these macro factors, investors looking at Shiba Inu may see some other things they like. Expectations that a Robinhood listing could arise and the potential for a Shiba Inu-related metaverse future seem enticing. For bears, concerns about interest rates and the risk-off trade providing strong headwinds remain.
Accordingly, it appears these factors have largely cancelled themselves out. Whether this rather calm period will continue or not is questionable. However, for now, investors appear to be pondering in which direction this token could be headed in the near term.
Now what
Just because today’s been a calm day in Shiba Inu land doesn’t mean this is going to continue forever. Far from it. Shiba Inu has shown itself to be one of the most volatile tokens in the market. I don’t expect that to change any time soon.
That said, Shiba Inu’s size and supporter base is impressive. Days like today can suggest that investors may be “accepting,” to some degree, Shiba Inu’s valuation. It’s very likely too soon to tell whether this will continue over the near term. Certainly, over the longer term, I expect volatility to remain higher than average, given how wildly this token has moved in recent months.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
The post Here’s what’s driving stability with Shiba Inu today appeared first on The Motley Fool Australia.
Should you invest $1,000 in Shiba Inu right now?
Before you consider Shiba Inu, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Shiba Inu wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- Bitcoin (CRYPTO:BTC) takes most popular crown, here are 3 cryptos hot on its heels
- Why the Shiba Inu token is sinking
- Forget Bitcoin! These were the 5 crypto assets you wish you’d held in 2021
- Could Shiba Inu Surpass Dogecoin in 2022?
- How interest paying crypto accounts could be a gamechanger
Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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.
from The Motley Fool Australia https://ift.tt/stjd1bNKU
Leave a Reply