2024-03-08 08:00:00 ET
Is the Securities and Exchange Commission's approval of spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) earlier this year reviving the cryptocurrency market's animal spirits? It certainly seems that way, as suddenly Shiba Inu (CRYPTO: SHIB) is catching a wave of attention and an influx of trading volume.
Clearly, the joke's on the short sellers who pegged Shiba Inu as nothing more than a meme token. In a crypto-centric version of March madness, press coverage of the ETF approvals and the Bitcoin halving event later this year have smaller tokens like Shiba Inu riding Bitcoin's coattails to surprising heights.
With that, dreams of Shiba Inu at a full penny beckon, and it might feel like the only direction is up. Yet, altcoin holders should remember that great risk accompanies great potential rewards -- and getting Shiba Inu to one cent is much easier said than done.
For further details see:
Should You Buy Shiba Inu While It's Less Than a Penny?