Shiba Inu Trades Near $0.0000054 as FOMC Minutes Cite Inflation

Shiba Inu (SHIB) declined after reaching $0.000006018 on Oct. 5, while Federal Open Market Committee minutes highlighted elevated inflation.

SHIB was listed at $0.00000540 at the Oct. 8 daily close. The token reached an intraday high of $0.00000549 and a low of $0.00000533. A separate composite reading placed SHIB at $0.000005410 at 9:37 a.m. ET (13:37 UTC) on Oct. 7.

The token’s 50-day moving average stood at $0.00000544, while its 200-day average was $0.00000523. These levels represent separate longer-term measures from the intraday price readings.

SHIB’s October performance is also being measured against a seasonal record that remains heavily influenced by an 833% gain in October 2021. The median October return is 6.04%, with gains in four of the past five completed years. Earlier coverage examined the gap between SHIB’s average and median October returns.

The Federal Open Market Committee released its minutes at 2 p.m. ET (18:00 UTC) on Oct. 7. The minutes recorded a 25-basis-point increase in the federal funds target range, which reached 3.75%-4% after the Sept. 15-16 meeting.

The minutes also said inflation remained elevated and scheduled the next meeting for Oct. 27-28. Moving averages are calculated from historical prices and do not establish whether a future rally or decline will occur.