Welcome to Extreme Investor Network, where we provide you with the latest insights and trends in the stock market, trading, and all things Wall Street. Today, we are diving into the recent developments in the crypto world, particularly with Shiba Inu (SHIB).
Since July 19, SHIB has faced some challenges, with the spotlight shifting towards Bitcoin (BTC) and Ethereum (ETH) due to key events in the US political landscape and the launch of Ethereum ETFs.
On July 21, Joe Biden’s decision to withdraw from the 2024 Presidential Election race has led to speculation that Donald Trump, seen as a Bitcoin-friendly candidate, may garner more attention from investors. This shift in focus towards BTC has been evident in the market.
Additionally, the launch of Ethereum ETFs on July 23 has fueled institutional demand for ETH, with trading volumes hitting nearly $2 billion in just two days. This surge in interest in ETH has further diverted investor attention away from other cryptocurrencies like SHIB.
As a result, meme-coins such as SHIB have struggled to gain traction amidst the dominance of BTC and ETH in the market.
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