The crypto market surged Thursday, fueled by the Federal Reserve’s first interest rate cut in over four years, with Shiba Inu leading the charge.
Here’s What Happened:
🔹 Shiba Inu ($SHIB ) spiked over 20% in the last 24 hours, pushing its year-to-date gains to 85%, surpassing even Bitcoin and Dogecoin.
🔹 A year ago, SHIB struggled in the bear market, losing 90% of its value from its all-time highs. But things have dramatically turned around.
Investment Comparisons:
$1,000 invested in SHIB a year ago at $0.000007256 would have fetched 137,816,979 SHIB. Today, that stash is worth $2,621.27, marking a 162% increase.
$1,000 invested in Bitcoin would now be worth $2,480, reflecting a 148% increase.
$1,000 invested in Dogecoin would have turned into $2,033, reflecting a 103% increase.
Why It Matters:
The total cryptocurrency market cap has surged from $2.21 trillion to $2.3 trillion following the 0.5% rate cut by the Fed.
Bitcoin climbed to $65,000 for the first time since Aug. 1, with ETFs tied to the cryptocurrency seeing five consecutive days of net inflows.
Investment analysts at Bernstein suggest that rate cuts could revive cryptocurrency credit markets and boost sectors like DeFi.
