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Shiba Inu is rising after selling off in response to macroeconomic and geopolitical catalysts.
Some investors have been treating yesterday's pullback as a buying opportunity.
After sell-offs yesterday, Shiba Inu (CRYPTO: SHIB) is rising in Friday's trading. The cryptocurrency's token price had climbed 4.7% over the past 24 hours of trading as of 3:10 p.m. ET. Over the same period, Bitcoin was up 1.9%, and Ethereum had risen 2.9%.
There doesn't appear to be any major new catalyst pushing Shiba Inu's valuation higher today. Instead, the bullish momentum appears to be a reaction to yesterday's valuation pullback.
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Image source: Getty Images.
The cryptocurrency market is seeing a day of recovery momentum after getting hit with a wave of sell-offs yesterday. Thursday's valuation pullbacks were driven by the market's response to comments from Federal Reserve chair Jerome Powell suggesting that the U.S. central banking authority may not cut rates again when it meets in December.
The pullback may also have been shaped by U.S.-China trade news, with some investors hoping that the two countries would be able to arrive at a more substantial trade deal. While those catalysts prompted sell-offs yesterday, investors seem to be weighing their significance today and betting that they won't disrupt long-term bullish momentum for cryptocurrencies.
As a meme coin, fundamentals don't play much of a role in shaping Shiba Inu's valuation. Instead, the cryptocurrency tends to see movement in conjunction with broader valuation trends across the crypto market.
If macroeconomic and geopolitical dynamics move in favorable directions, it's reasonable to expect that the token could see positive momentum over the long term -- but investors should move forward with the understanding that the coin is a risky bet even in the speculative crypto space.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
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