The cryptocurrency market surged Thursday, extending the rise sparked by the Federal Reserve’s first interest rate cut in more than four years.
The rally was spearheaded by popular dog-themed memecoin Shiba Inu, which spiked more than 20% in the last 24 hours, touching levels not seen since mid-June.
What happened: The latest uptick expanded SHIB’s year-to-date gains to 85%, beating coins with higher market capitalizations like Bitcoin and Dogecoin.
But a year ago, things weren’t this hunky-dory. The canine coin struggled during the cryptocurrency bear market, losing 90% of its value from all-time highs.
Exactly a year …
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