Shiba Inu (SHIB) Price suddenly rises by 14%. This is why

Alex Dovbnya

Shiba Inu (SHIB) is up 14% and rebounded along with the broader cryptocurrency market and US stocks

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The price of the popular meme coin Shiba Inu (SHIB) is up nearly 14% in an hour and 25 minutes, reaching an intraday high of $0.0000087 on the Binance exchange.

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The cryptocurrency recovered along with the rest of the cryptocurrency market. Bitcoin, the king of crypto, spiked to $22,345 on the Bitstamp exchange shortly after US Federal Reserve Chairman Jerome Powell said he didn’t expect major rate hikes to be common, seemingly allaying investor concerns.

As reported by U.Today, earlier today the Federal Open Market Committee (FOMC) announced a 75 basis point increase for the first time since 1994. The committee has emphasized its determination to bring inflation under control after the consumer price index (CPI) the highest level in more than four decades in May.

Shiba Inu remains the 17th largest cryptocurrency, according to data provided by CoinMarketCap

The meme coin is down 90.28% from its record high after severely underperforming in 2022 along with other risky assets.

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