Shiba Inu surges on positive inflation report, shows one of best reactions on crypto market
With the release of US inflation data, which was rated positively by crypto market participants, the Shiba Inu’s SHIB saw a sharp rise in its quotes. At the same time, the SHIB price increase exceeded the growth of its competitors in this area, which can now be considered Dogecoin (DOGE) And babydoge, Both these coins were outperformed by the SHIB by about 1%, which has seen an overall increase of 4% since the CPI publication.
Thus, SHIB adds another green candle on the chart, which fits perfectly into the uptrend that the coin has been in since late July. It seems that SHIB is moving purposefully toward the important price level of $0.000014. After crossing it, SHIB quotations can go up to $0.00002, a level not seen since May of this year. Nevertheless, whether it happens or not will depend on news like today’s inflation report and the overall market sentiment around it.
What about inflation?
Inflation in the US has dropped for the first time in four months. After a record 9.1%, it fell to 8.5%, 0.2% below analysts’ expectations. The main reason for predicting a fall in inflation was the sharp fall in petrol prices in July.
Nevertheless, it is logical to keep in mind the thesis that nothing is over yet. So far, there is no reason to believe that the downward trend in inflation is sustainable. Oil prices are rising, and there is a lot of unpleasant stuff going on in the world right now. Rates will continue to rise, and liquidity will be removed from the market.
