Rally

Dogecoin

Shiba Inu

Trillion

<div class="watcher-guru"> 
 <p>Shiba Inu has been generating significant attention due to its recent price surge. The meme coin experienced a substantial price increase over the course of this week. Starting at a low of $0.000008348, the coin’s value surged to reach a peak of $0.00001036. This substantial shift led to a remarkable 19.17% price hike over the past week. Meanwhile, within this period of price growth, the correlation between Shiba Inu and <a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a> [DOGE], the OG meme <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> asset, appeared to be diminishing.</p> 
 <p>Data sourced from IntoTheBlock indicated that the 30-day correlation between DOGE and SHIB dropped to 0.36 today. This is a notable decrease from yesterday’s peak of 0.74. This shift underscores the idea that SHIB is gradually breaking away from DOGE’s influence and establishing a distinct trajectory.</p> 
 <figure class="wp-block-image size-large is-resized"> 
  <img decoding="async" src="https://cdn.thebittimes.com/images/2023/08/11/adead3ca0ed3ca2571ff8805e51fa68c.webp" alt="" class="wp-image-106522" style="width: 100%;height:378px" width="567" height="378" srcset="https://cdn.thebittimes.com/images/2023/08/11/adead3ca0ed3ca2571ff8805e51fa68c.webp 1024w, https://cdn.thebittimes.com/images/2023/08/11/adead3ca0ed3ca2571ff8805e51fa68c.webp 300w, https://cdn.thebittimes.com/images/2023/08/11/adead3ca0ed3ca2571ff8805e51fa68c.webp 768w, https://cdn.thebittimes.com/images/2023/08/11/adead3ca0ed3ca2571ff8805e51fa68c.webp 380w, https://cdn.thebittimes.com/images/2023/08/11/adead3ca0ed3ca2571ff8805e51fa68c.webp 550w, https://cdn.thebittimes.com/images/2023/08/11/adead3ca0ed3ca2571ff8805e51fa68c.webp 800w, https://cdn.thebittimes.com/images/2023/08/11/adead3ca0ed3ca2571ff8805e51fa68c.webp 1160w, https://cdn.thebittimes.com/images/2023/08/11/adead3ca0ed3ca2571ff8805e51fa68c.webp 1200w" sizes="(max-width: 567px) 100vw, 567px"> 
  <figcaption class="wp-element-caption">
    Source 
  </figcaption> 
 </figure> 
 <p><strong>Also Read: Shiba Inu: BlackRock-backed Robinhood Holds 20 Trillion SHIB</strong></p> 
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828227"></div> 
  </div> 
 </div> 
 <h5 class="wp-block-heading" id="h-shiba-inu-dogecoin-s-60-day-correlations-remain-robust">Shiba Inu-Dogecoin’s 60-Day Correlations remain robust</h5> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p>Nevertheless, the 60-day correlation between the two meme coins was 0.74. This implies that both assets typically exhibit parallel price movements. In essence, when Shiba Inu experiences price surges or drops, Dogecoin’s price frequently mirrors these changes.</p> 
 <p>Currently, <a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a> has not replicated the price trajectory observed in SHIB. At press time, the meme coin was trading at $0.07554, indicating a daily increase of 0.24% and a weekly advancement of 1.80%. Nevertheless, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> analyst Ali Martinez suggested that keeping a close watch on <a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a> could be wise due to the robust correlation coefficient it shares with SHIB.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">2/2 $SHIB has risen by 20% over the past week, but $DOGE hasn't mirrored that move yet. Given their high correlation coefficient, it might be wise to closely watch #<a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a>! pic.twitter.com/N4TXRNYnog</p>— Ali (@ali_charts) August 10, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Shiba Inu, on the other hand, was trading at $0.000009915. The asset was recording a 1.30% daily spike at press time. The asset is expected to continue its upswing as Shibarium, a highly anticipated layer-2 update, is slated to go live this month. Therefore, DOGE might benefit from a potential uptick.</p> 
 <p><strong>Also Read: Shiba Inu Developer Unveils 3 New Partnerships: Price Spikes 19%</strong></p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828233"></div> 
  </div> 
 </div> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>crypto</li> 
  <li>cryptocurrency</li> 
  <li>Dogecoin</li> 
  <li>shib</li> 
  <li>shiba inu</li> 
 </ul> 
</div>

Shiba Inu-Dogecoin Correlation Weakens: SHIB Continues to Rally

TheBitTimes

Other articles published on Aug 11, 2023

Bitcoin ETF could be approved today, analyst claims

Solana and Optimism Show Bull Signals as Markets Start Slow

OpenOcean expands its aggregation services to the Telos network

New Announcement for Bitcoin and Seven Altcoins from Binance!

CRV Whales Take Advantage of the Price Drop to Accumulate

Digital Currency Group Moves To Dismiss Gemini’s Fraud Lawsuit

Join our free newsletter for daily crypto updates!