Why Dogecoin Spin-Off Shiba Inu Is Nosediving Today

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

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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