Dogecoin

Shiba Inu

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
Crypto analyst Ali explains how dog-themed cryptocurrency <a href="https://u.today/dogecoin-doge-eyes-potential-10-upswing-if-this-level-breaks" rel="noopener noreferrer nofollow">Dogecoin</a> might benefit from <a href="https://u.today/shiba-inu-developer-activity-boosts-shib-by-25-as-network-grows-on-chain-data" rel="noopener noreferrer nofollow">Shiba Inu</a>'s current price move. 
Shiba Inu has seen an impressive rise of late, outperforming several altcoins, including Dogecoin. According to <a href="https://twitter.com/KaikoData/status/1689277350389714946" rel="noopener noreferrer nofollow">Kaiko</a>, Shiba Inu had a boom in developer activity, which contributed to its price increase. 
When comparing Shiba Inu's returns to those of Dogecoin since the beginning of July, SHIB is currently outperforming Dogecoin, as indicated by its <a href="https://u.today/new-dogecoin-doge-options-listed-on-binance-details" rel="noopener noreferrer nofollow">strong rise</a> at the beginning of August. 
Per <a href="https://www.coingecko.com/en/coins/shiba-inu" rel="noopener noreferrer nofollow">CoinGecko</a> data, Shiba Inu remains green on all time frames except yearly. In the last 30 days, Shiba Inu has notched gains of 31.2%. Within the same time frame, Dogecoin gains were smaller, coming in at 16.3% on a 30-day basis. 
However, if on-chain data and history are any indication, Dogecoin might be on the verge of a significant price move if it follows the SHIB trend. SHIB and DOGE price movements have historically exhibited a strong correlation; whether this will change this time is unknown. 
<h2 id="shiba-inu-achieves-strong-correlation-with-dogecoin">Shiba Inu achieves strong correlation with Dogecoin</h2> 
<a href="https://twitter.com/ali_charts/status/1689579782432841728" rel="noopener noreferrer nofollow">Ali</a>, citing data from IntoTheBlock, observes a strong positive correlation between SHIB and DOGE. The 60-day correlation coefficient between the two dog-themed assets currently comes in at 0.74. 
<blockquote class="twitter-tweet"> 
 1/2 Data from <a href="https://twitter.com/intotheblock?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@intotheblock</a> shows a strong positive correlation of 0.74 between <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> and <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DOGE</a>. This means that when <a href="https://twitter.com/hashtag/SHIB?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SHIB</a>'s price moves, <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DOGE</a> often follows in the same direction. <a href="https://t.co/pavkJSv79n" rel="noopener noreferrer nofollow">pic.twitter.com/pavkJSv79n</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1689579782432841728?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 10, 2023</a> 
</blockquote> 
The crypto analyst explains the implications of such a strong correlation: "This means that when SHIB's price moves, DOGE often follows in the same direction." 
Given this, Ali suggests keeping a careful eye on Dogecoin, which has not yet followed SHIB's recent price movement. 
In the past, Shiba Inu historically followed Dogecoin pumps. If Dogecoin succeeds in claiming a hotly contested barrier as support, it might follow Shiba Inu's pump. However, where Dogecoin trends next remains an open question.

SHIB Might Affect Dogecoin Prospects, Analyst Explains

Table of Contents

U_Today

Other articles published on Aug 10, 2023

Hong Kong’s SFC Warns Against Unlicensed Crypto Platforms

Rocket Pool Rally Picks Up Steam with 7% Pump, But Analyst Predicts Even Bigger Jump Coming

SEC vs Ripple: Jury Trial Scheduled for Q2 2024; SEC Misses Appeal

Aptos Shakes Hands With Microsoft to Wave Towards Web3

Gemini Enables XRP Deposits – Trading Coming Soon

Microsoft and Aptos reinvent digital payment

Join our free newsletter for daily crypto updates!