The digital currency landscape witnessed a significant upswing on Thursday, fueled by the Federal Reserve’s historic decision to slash interest rates for the first time in over four years. The remarkable surge was led by the popular canine-themed cryptocurrency, Shiba Inu, which skyrocketed by over 20% in the past 24 hours, reaching levels unseen since mid-June. This remarkable rally has propelled SHIB’s year-to-date gains to an impressive 85%, outpacing its peers with larger market capitalizations, including Bitcoin and Dogecoin. However, this wasn’t always the case. Just a year ago, SHIB struggled to stay afloat during the cryptocurrency bear market, plummeting by a staggering 90% from its all-time highs. Fast-forward to today, and the picture looks vastly different. A $1,000 investment in SHIB exactly a year ago would have yielded a whopping 137,816,979 coins, now valued at $2,621.27, representing a remarkable 162% increase. In contrast, a similar investment in Bitcoin and Dogecoin would have resulted in returns of 148% and 103%, respectively. The total cryptocurrency market capitalization has surged from $2.21 trillion to $2.3 trillion since the Fed’s announcement, with Bitcoin breaching the $65,000 mark for the first time since August 1. Analysts predict that the rate cuts could revitalize cryptocurrency credit markets and boost sectors like decentralized finance (DeFi).
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