Why did shiba inu USD's price drop today? Look no further than market slump

Shiba Inu ( SHIB-USD ) token on Thursday gapped down to its lowest level in over a week as traders largely shunned cryptocurrencies and other riskier assets. The meme coin slid 13.6% to $0.000012 at 6:02 p.m. ET. By comparison, bitcoin ( BTC-USD ), the world's largest digital token by market cap, retreated 5.1% to $21.78K, and ethereum ( ETH-USD ) dropped 6.8% to $1.53K. The risk-off day comes as market participants have started to price in a "higher for longer" monetary policy stance with the labor market still tight despite the Federal Reserve's rate-hiking moves to bring demand into better balance with supply to quash inflation. Seeking Alpha contributor Ryan Wilday took note of bitcoin's rally over the last month, although "it hasn’t been confirmed" that the token's cyclical downtrend has changed .