#USJoblessClaimsDrop 🐶 Why Shiba Inu Is Plummeting Today

Shiba Inu ($SHIB

-11.41%) is seeing big sell-offs in Tuesday's trading. The cryptocurrency's token price was down 8.2% over the last 24 hours -- a period that also saw Bitcoin's price fall 5% and Ethereum's price fall 7.4%.

Shiba Inu is losing ground amid a significant pullback for the broader cryptocurrency market. Today's sell-offs have been triggered by new data from the U.S. Bureau of Labor Statistics (BLS) that has raised concerns about inflationary pressures and the outlook for interest rates.