Shiba Inu Is Soaring Today-Here's Why
Key Points
Vanguard said that it would allow traders to access crypto-related funds on its platform.
This comes despite the asset manager's general skepticism of the crypto market.
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Shiba Inu (CRYPTO: SHIB) is up 7.9% in the last 24 hours as of 2:00 p.m. ET on Monday. The jump comes as the S&P 500 is up 0.4% and the Nasdaq Composite is up 0.2%.
The "meme coin" is far outpacing Bitcoin's modest rise as the crypto market gains for the second day, following a key policy reversal from one of the world's largest asset managers. Shiba Inu may also be getting a bump from a significant increase in token burning.
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Vanguard reverses its crypto fund policy
Earlier this week, Vanguard said it would allow investors to trade crypto mutual funds and ETFs on its brokerage platform, reversing a long-standing prohibition. With $11 trillion in assets managed through its brokerage, the move opens the door to a massive amount of capital, though how much actually flows into crypto-related funds is likely to be a tiny fraction of that eye-watering sum.
Image source: Getty Images.
Shiba Inu is extremely risky
Shiba Inu is built on a meme; its value is entirely based on speculation and hype. That makes it extremely sensitive to general sentiment and is liable to drop like a rock at any moment. I would not own it.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
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