Shiba Inu (SHIB +2.45%) just posted another green day, climbing more than 5% in the last 24 hours as of 5:58 p.m. ET on Monday. The S&P 500 was up 1% today as stocks recovered some of last week's losses.
Shiba Inu tends to follow Bitcoin
CRYPTO: SHIB
Key Data Points
The broader crypto market is rallying as geopolitical anxiety around the Middle East conflict has, to the surprise of many, been good for digital assets. Crypto has spent the past two weeks behaving less like a speculative bet and more like the hedge against global uncertainty it has often been touted to be. Bitcoin is up more than 13% since the War in Iran began, even as stocks have fallen.
While hardly anyone would look to Shiba Inu for security, as one of the most liquid meme tokens, it tends to amplify whatever Bitcoin does.
Shiba Inu is extremely risky
Image source: Getty Images.
Shiba Inu's value depends on the hype that surrounds it -- it is a meme coin. That makes it extremely sensitive to general sentiment and is liable to drop like a rock at any moment. Despite its recent gains, it is not a serious investment, and I would not own it.
