Why Is Shiba Inu Soaring Today?
Portfolio Pulse from Shanthi Rexaline
Shiba Inu (CRYPTO: SHIB) surged on Sunday, reaching its highest levels since June 10, while most cryptocurrencies remained flat. The spike could be due to pent-up demand and an increased burn rate, which soared 730% in the past 24 hours.
June 18, 2023 | 2:47 pm
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Shiba Inu's surge may have been partly due to pent-up demand as crypto traders go bargain hunting following recent losses, which could impact Coinbase Global, Inc. (NASDAQ: COIN).
Shiba Inu's surge may have been partly due to pent-up demand as crypto traders go bargain hunting following recent losses. This could impact Coinbase Global, Inc. (NASDAQ: COIN) as it is a major cryptocurrency exchange where Shiba Inu is traded. However, the direct impact on COIN's stock price may be limited as the overall cryptocurrency market remains flat.
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