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Shiba Inu held up in green, trading higher by 1.42% in the last 24 hours to $0.000009152 as the crypto market compounded a negative week with a fresh sell-off on Friday.
The crypto market saw fresh selling pressure on Friday amid a stronger dollar and hawkish Federal Reserve tone. Comments out of the Federal Reserve earlier in the week suggested a potential cooling of the rate-cutting cycle, causing a rise in the U.S. dollar and a slump in risk assets.
Bitcoin and Ethereum fell 3.07% and 4.44%, respectively, in the last 24 hours; the altcoin market, with the exception of AI and privacy tokens, underperformed Bitcoin, with the "altcoin season" index at 21/100, its lowest in more than 90 days.
After reaching a low of $0.00000837 on Nov. 4, Shiba Inu slightly rebounded to trade in a range between $0.00000842 and $0.00000923. Bulls attempted to extend the recovery in Friday's session, with the SHIB price reaching $0.00000946 before it retraced. Shiba Inu now awaits its next move on the market.
Shiba Inu team shares key insight
Elsewhere, as Bitcoin and major cryptocurrencies declined, a few altcoins, such as Zcash, Internet Computer, Near, Ethereum Classic, Tezos and Filecoin, saw surprising jumps, posting double-digit gains. The rise came unexpectedly as some of these coins might seem forgotten or even dead.
This surprising occurrence aligns with Shiba Inu team member Lucie's viewpoint. In a tweet, Lucie wrote that: "The biggest returns in past bull runs always came from the most dead and unexpected tokens." Highlighting the unpredictability of events on the market, Lucie added, "You can easily dump the biggest star just before it takes off, or buy the one that will never make it."
After trading lower for several months, Shiba Inu saw sudden and sharp price spikes in October 2021 and February 2024; the timing and magnitude of Shiba Inu's price comeback in this cycle are, however, unknown.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team