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Why Dogecoin Rival Shiba Inu Is Selling Off

Shiba Inu (CRYPTO: SHIB) is trading lower by 6.22% to $0.00001209 during Tuesday's trading session after August CPI data showed worse-than-expected inflation. This has driven a risk-off sentiment and has also raised the potential for further Fed policy tightening to curb inflation.

Benzinga · 09/13/2022 15:20

Shiba Inu (CRYPTO: SHIB) is trading lower by 6.22% to $0.00001209 during Tuesday's trading session after August CPI data showed worse-than-expected inflation. This has driven a risk-off sentiment and has also raised the potential for further Fed policy tightening to curb inflation.

Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed's plans to curb inflation could weigh on the broader cryptocurrency sector.

What Happened?

According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.3% in August, down from 8.5% in July. The August CPI reading came in above average economist estimates of 8%.

Core inflation, which excludes volatile food and energy prices, was up 6.3% in August, above average economist estimates for a 6.1% gain...Read More

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