The price of the popular meme coin Shiba Inu (SHIB) has increased by almost 14 percent in an hour and 25 minutes. Thus, it reached an intraday high of $0.0000087 on the Binance exchange. In the same process, cryptocurrencies such as Bitcoin and DOGE also rose. Here are the details…
Is the cryptocurrency market recovering? SHIB price jumps
The cryptocurrency recovered along with the rest of the cryptocurrency market. Federal Reserve Chairman Jerome Powell said he did not expect large interest rate hikes to be widespread. This statement by Jerome Powell seems to have relieved investors’ concerns. Shortly after the FED Chairman’s statements, Bitcoin rose to $ 22,345. Bitcoin is the largest cryptocurrency. As Kriptokoin.com, we have previously reported, the Federal Open Market Committee (FOMC); It announced a 75 basis point hike for the first time since 1994.
The committee emphasized its determination to contain inflation after the consumer price index (CPI) reached. Inflation hit its highest level in more than four decades in May. Shiba Inu remains the 15th largest cryptocurrency, according to data provided by CoinMarketCap. Currently, it is changing hands at $0.0000087. Meme coin is down 90.28 percent from its record level after massively underperforming along with other risk assets in 2022. The cryptocurrency had seen $0.000008616 on October 28, 2021.
Market situation
Overall, Bitcoin and other cryptocurrencies responded positively to the Fed’s move to raise interest rates by 75 basis points on Wednesday. The FED makes this increase in order to curb inflation. But a 75 basis point increase in a single run marks the largest increase in a single run since 1994. In the hours after the hike was announced, Bitcoin rose 10.5 percent and Ethereum 15.5 percent. Both of these coins have been falling throughout the week.
On the other hand, Cardano (ADA) increased by 15 percent to $0.5328. Solana (SOL) rose 20 percent to $ 34. TRON’s stablecoin USDD is still trading for under a dollar, but the network’s native token TRX is up nearly 24 percent. It is trading at $0.062 at the time of writing. The Fed’s highest rate hike in 28 years came as US inflation soared to a 40-year high in May. The Federal Open Market Committee (FOMC) target range is currently between 1.5 percent and 1.75 percent. The Fed is expected to continue raising rates to at least 3 percent through the end of the year.
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