It Looks Like Investors Just Keep Coming in to Buy the Dip

Are animal spirits still alive in this market right now? Well, here’s one bit of evidence that they are. Earlier this week, the Shiba Inu token surged more than 26% in a single day. This token, of course, is the dog-themed memecoin built on top of Ethereum that briefly surpassed its more-famous older sibling Dogecoin. It’s not clear why these memecoins exist or trade at the levels they do, but their ascent is clearly a product of bullishness and the public’s interest in speculation.

Anyway, it’s not just crypto where we’re seeing this take place. According to Bank of America, stock investors are buying the dip as well. This includes both retail and institutional investors.

The report goes on to note that single-stock equities also saw inflows for the second time in three weeks, which again seems indicative of the urge to gamble.