Shiba Inu Is Soaring Today — Is the Cryptocurrency a Buy Right Now?

Key Points

• Shiba Inu is rallying in conjunction with bullish momentum for the crypto market connected to a recent speech given by Federal Reserve chair Jerome Powell.

• Powell’s comments today suggest the Fed is leaning toward cutting interest rates next month.

• A rate cut would be a strong bullish catalyst for Shiba Inu, but the cryptocurrency is still a high-risk play.

• 10 stocks we like better than Shiba Inu ›

Shiba Inu (CRYPTO: SHIB) is seeing strong strong gains in Friday’s trading. The cryptocurrency’s price had jumped 7.5% over the previous 24 hours of trading as of 2:45 p.m. ET.

Shiba Inu’s big gains over the last day stem from a recent speech given by Federal Reserve chair Jerome Powell. Based on statements from Powell’s speech this morning, investors are feeling far more confident that the Fed is on track to cut interest rates substantially this year.

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Is Shiba Inu a buy right now?

Perhaps more than any other factor, the Federal Reserve’s interest rate policy is a crucial catalyst for Shiba Inu. Lower interest rates tend to create a much more favorable backdrop for riskier, speculative investments.

Powell noted in his speech today that inflation continued to be sticky, but he also said that weakness in the jobs market had shifted risk considerations in a different direction. In order to increase economic activity and boost the labor market, it now seems likely that the Fed will cut rates next month. As far as near-term bullish indicators for Shiba Inu go, that’s about as good as it gets.

On the other hand, investors should keep in mind that Shiba Inu is still a very high-risk investment. As a meme coin, the token’s pricing moves are heavily influenced by momentum in the broader crypto market and macroeconomic trends. So while Powell’s speech today seemingly represents a key green flag for Shiba Inu’s token price to continue moving higher in the near term, the token continues to be a risky play even compared to other big names in the crypto space.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.