“Recency bias suggests to investors that a bottom has been formed with Bitcoin and Ethereum this past weekend and that the market may be poised for a short-term recovery,” Edson Ayllon, product manager at dHEDGE, told CoinDesk in a Telegram message. “This kind of sentiment brings back confidence in speculators, which, because of the absence of utility, SHIB attracts speculation,” Ayllon added.
