Shiba Inu (SHIB +6.03%) is up 7.9% in the last 24 hours as of 2:00 p.m. ET on Monday. The jump comes as the S&P 500 is up 0.4% and the Nasdaq Composite is up 0.2%.
The "meme coin" is far outpacing Bitcoin's modest rise as the crypto market gains for the second day, following a key policy reversal from one of the world's largest asset managers. Shiba Inu may also be getting a bump from a significant increase in token burning.
CRYPTO: SHIB
Key Data Points
Vanguard reverses its crypto fund policy
Earlier this week, Vanguard said it would allow investors to trade crypto mutual funds and ETFs on its brokerage platform, reversing a long-standing prohibition. With $11 trillion in assets managed through its brokerage, the move opens the door to a massive amount of capital, though how much actually flows into crypto-related funds is likely to be a tiny fraction of that eye-watering sum.
Image source: Getty Images.
Shiba Inu is extremely risky
Shiba Inu is built on a meme; its value is entirely based on speculation and hype. That makes it extremely sensitive to general sentiment and is liable to drop like a rock at any moment. I would not own it.
