Shiba Inu Is Surging Due to a Fundamental Catalyst, for Once
Shiba Inu is among today's big winners in the crypto world, surging more than 5% today on an intriguing catalyst.
Shiba Inu (CRYPTO: SHIB) is among the leading so-called meme tokens in the market. This is a token that tends to rise and fall on the basis of animal spirits, with speculators and traders largely driving outsize moves in this particular cryptocurrency utilizing (in many cases) leverage to place bets on the direction this token will head over short periods of time.
Interestingly, Shiba Inu is on the move today thanks to a fundamental catalyst investors appear to be grasping onto. The marketwide rally in risk assets certainly hasn't hurt the token, which is up 5.5% over the past 24 hours as of 1:30 p.m. ET.
As is the case with other major cryptocurrencies that lack the sort of cash flows, revenue, earnings, and any real fundamentals that typically underpin most other asset classes, supply and demand is the key story with respect to meme tokens like Shiba Inu.
