Shiba Inu (SHIB), the renowned meme cryptocurrency, has seen a remarkable rise of over 7% in its price, reclaiming the $0.00001 target. This surge is attributed to a broader positive sentiment in the crypto market, influenced by the latest Federal Open Market Committee (FOMC) announcement. The FOMC's decision to maintain interest rates between 5.25% and 5.5%, along with expectations of rate cuts in the coming year, have buoyed investor confidence, leading to a rally in Bitcoin and consequent gains for altcoins like SHIB.
Despite some corrections, the market remains upbeat post the FOMC minutes. SHIB has benefitted from this trend, with its price rising by about 7.5% in the last day. The 7-day chart for Shiba Inu also reflects a gain of 3.03%. Interestingly, the daily trading volume for SHIB is down by 8%, which could be interpreted as a decrease in selling activity or a potential dip in interest. However, a significant factor contributing to SHIB's price increase is the withdrawal of a notable portion of its circulating supply from centralized exchanges by large SHIB addresses. The cryptocurrency's future trajectory might be closely tied to Bitcoin's performance, with predictions suggesting further gains if Bitcoin surpasses the $45,000 mark.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
