The post Can SHIB Withstand Bearish Pressure from ETH, BTC ? appeared on BitcoinEthereumNews.com.

Shiba Inu price dipped to $0.000016 on July 26, 2024, as investors shift focus toward BTC and ETH, here’s what SHIB traders can expect in the days ahead.  Shiba Inu Dips 19% as Ethereum ETF Hype Cools Between July 5 and July 18, the global crypto market was agog, as dovish NFP and CPI data revived investor interest in the sector. Like the rest of the market, Shiba Inu raced into a blistering 58.17% rally during those eventful 14 days. However, things have taken negative turn for SHIB since July 19, amid fresh developments surrounding US political landscape as well as the Ethereum ETF launch. First, on July 21, Joe Biden dropped out of 2024 Presidential Election race, which swung the campaigns pendulum in favour of Donald Trump. With Trump perceived to be a Bitcoin friendly candidate, this development has pulled investor attention toward BTC. More so, Ethereum ETFs launched on July 23, sparking a wave of institutional demand for ETH. Within the first two days of trading, Ethereum ETFs recorded nearly $2 billion in trading volumes. These two critical events appear to have skewed investors’ focus disproportionately toward the BTC and ETH markets over the past week. Consequently, other crypto sectors, including meme-coins like Shiba Inu (SHIB) have evidently struggled for traction. Shiba Inu Price SHIBUSD | TradingView SHIB price rallied 58.17% between July 5 and July 18. But as investors switched focus to BTC and ETH in the aftermath of Joe Biden bowing out, and Ethereum ETFs launch SHIB price has entered a steep downtrend. The chart above shows that SHIB is now trading at $0.0000017 at the time of writing on July 26, reflecting a 19% decline from the monthly time frame peak of $0.000020 recorded July 18. This raises concerns that major investors’ switching focus to…

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Filed under: News - @ July 27, 2024 12:10 am