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Why Shiba Inu Is Nosediving Today

Shares of several popular altcoins, including Shiba Inu (CRYPTO: SHIB), are trading lower in sympathy with apex cryptocurrency Bitcoin (CRYPTO: BTC) and second-largest market cap crypto Ethereum (C

Benzinga · 06/10/2022 15:42

Shares of several popular altcoins, including Shiba Inu (CRYPTO: SHIB), are trading lower in sympathy with apex cryptocurrency Bitcoin (CRYPTO: BTC) and second-largest market cap crypto Ethereum (CRYPTO: ETH). 

Crypto is likely trading lower in tandem with major U.S. indices. Major indices are lower following worse-than-expected May CPI data. Rising inflation has caused economic concerns and has also raised expectations for further Fed policy tightening.

According to data from Benzinga Pro, Shiba Inu is trading lower by 4.91% to $0.00001006 Friday afternoon. Shiba Inu is also lower by 39.74% over the trailing month amid ongoing weakness in the broader cryptocurrency market.

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