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 investor’s focus disproportionately towards 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.
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