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Why Shiba Inu Is Down Today

Over the last 24 hours, the price of the popular meme token Shiba Inu (CRYPTO: SHIB) fell 5.5% lower as of 11:06 a.m. ET today, as investors took a breather after a strong rally that has boosted Shiba Inu close to 34% over the last week. As one of the big meme cryptocurrencies, the ups and downs of Shiba Inu can often be hard to explain and don't always have a strong catalyst driving the move. "Recency bias suggests to investors that a bottom has been formed with Bitcoin and Ethereum this past weekend and that the market may be poised for a short-term recovery," Edson Ayllon of the asset management platform dHEDGE told CoinDesk recently.