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Shiba Inu (SHIB), the dog-themed cryptocurrency, has experienced a sudden and unexpected surge, jumping 8% in price in a reversal that has caught the attention of traders and investors.
This sudden reversal comes amid a backdrop of volatility on the cryptocurrency market and marks a notable shift in sentiment for SHIB holders.
The rebound in Shiba Inu's price follows days of declines, during which the cryptocurrency nursed significant losses.
Shiba Inu plummeted for three days in a row, mirroring the broader crypto market crash, which saw Bitcoin plunge to lows of $60,822 in its steepest sell-off in more than a year.
Shiba Inu touched lows of $0.00001837 on April 13 before kickstarting a rebound, which has sustained until press time.
Broader market dynamics and sentiment may play a role in Shiba Inu's price reversal. The cryptocurrency market is known for its volatility, with prices often influenced by a myriad of factors, including news events, market speculation and investor sentiment.
Positive developments or sentiment within the broader cryptocurrency market may have spilled over into SHIB's price action.
In a major milestone, Hong Kong has granted conditional approvals for asset managers to start spot Bitcoin and Ethereum exchange-traded funds (ETFs). This development has boosted both tokens and the broader crypto market.
Bitcoin recovered from its severe sell-off, rising 3% in the last 24 hours to $66,240. Shiba Inu climbed up to 8%, extending its recovery into the second day, and was trading at $0.00002343 as of press time.
Shibarium gas token Bone ShibaSwap (BONE) increased by 10% throughout this time frame, trading at $0.634 at press time. Dogekiller (LEASH) had also seen comparable gains, rising 9% in the last 24 hours to $429 at press time.
As SHIB continues its upward climb, the market watches with keen interest. Whether this reversal signals the start of a long-term rally or just a dead cat bounce remains to be seen.
Godfrey Benjamin
