Ethereum

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Bitcoin

Arkham

Shiba Inu

<p>According to data analyzed by our own Admir Tulic, the meme cryptocurrency Shiba Inu (SHIB) appears to be decoupling from Bitcoin (BTC) based on their 30-day correlation coefficient.</p> 
<p>Admir, a renowned onchain analysis expert, examined the 30-day and 60-day correlation coefficients between SHIB and major cryptocurrencies using blockchain analytics platform <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" target="_blank" rel="noopener noreferrer nofollow">IntoTheBlock</a>. The data revealed that SHIB’s correlation to BTC has dropped to -0.58 over 30 days.</p> 
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 <img decoding="async" loading="lazy" width="1024" height="935" src="https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.53-1024x935.png" alt="" class="wp-image-304358" srcset="https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.53-1024x935.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.53-300x274.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.53-768x701.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.53-1536x1402.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.53-2048x1870.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.53-164x150.png 164w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.53-100x91.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.53-383x350.png 383w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.53-788x719.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.53.png 1308w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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<blockquote class="wp-block-quote"> 
 <p>“This negative correlation suggests that SHIB is starting to trade more independently from Bitcoin, which has not been the case for most altcoins historically,” said Tulic. </p> 
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<blockquote class="wp-block-quote"> 
 <p>“As SHIB continues forging its own path and becoming less tied to BTC’s price movements, it could be a sign of the token maturing.”</p> 
</blockquote> 
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<p>The data shows SHIB has a moderately high positive correlation with Dogecoin (DOGE) and Uniswap (UNI), which CaptainAltcoin believes is because both are prominent meme coins and Ethereum ecosystem tokens respectively. However, SHIB exhibited very little correlation to Ethereum (ETH) itself.</p> 
<blockquote class="wp-block-quote"> 
 <p>“The low ETH correlation is a big deal, as it further confirms SHIB’s decoupling from the overall crypto markets,” commented Admir Tulic. </p> 
</blockquote> 
<blockquote class="wp-block-quote"> 
 <p>“This data-driven insight helps validate what many SHIB investors were sensing anecdotally as the token marched to an all-time high this month even as Bitcoin traded sideways.”</p> 
</blockquote> 
<p>However, the 60-day data paints a different picture, with the SHIB-BTC correlation rising to 0.43. </p> 
<blockquote class="wp-block-quote"> 
 <p>“While the 30-day correlation hints at possible decoupling, the 60-day data shows SHIB remains moderately correlated with BTC’s price movements,” said Admir.</p> 
</blockquote> 
<p>The analyst believes more time is needed to determine if SHIB can sustainably diverge from Bitcoin’s influence. The 60-day data does validate SHIB has a high positive correlation with other major altcoins like ETH, DOGE, and UNI.</p> 
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 <img decoding="async" loading="lazy" width="1024" height="950" src="https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.42-1024x950.png" alt="" class="wp-image-304350" srcset="https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.42-1024x950.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.42-300x278.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.42-767x712.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.42-1536x1425.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.42-2048x1901.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.42-162x150.png 162w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.42-100x93.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.42-377x350.png 377w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.42-788x731.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/08/Screenshot-2023-08-03-at-22.56.42.png 1306w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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<blockquote class="wp-block-quote"> 
 <p>“It’s too early to conclude SHIB is fully detaching itself from the broader crypto market trends,” commented Tulic. “</p> 
</blockquote> 
<p>But there are early indications it may be developing some independence, at least in the short-term. Longer-term data will provide more clarity on whether this is a temporary anomaly or the start of a major decoupling trend.”</p> 
<p><a href="https://coinstats.app/coins/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu</a>&nbsp;<strong>price is $0.00000818, down&nbsp;&nbsp;-1.82%&nbsp;</strong>in the last 24 hours, and the live market cap is&nbsp;<strong>$5B</strong>. It has circulating&nbsp;<strong>supply volume of&nbsp;999,988,032,197,854 SHIB&nbsp;</strong>coins and a max. supply volume of 999,988,032,197,854 alongside $126M 24h trading volume.</p> 
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 <img decoding="async" loading="lazy" width="1024" height="699" src="https://captainaltcoin.com/wp-content/uploads/2023/08/image-128-1024x699.png" alt="" class="wp-image-304367" srcset="https://captainaltcoin.com/wp-content/uploads/2023/08/image-128-1024x699.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-128-300x205.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-128-768x524.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-128.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-128-2048x1397.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-128-220x150.png 220w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-128-100x68.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-128-513x350.png 513w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-128-788x537.png 788w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/birth-of-a-new-trend-or-just-a-temporary-fluke-shiba-inu-decoupling-from-bitcoin-data-suggests/">BIRTH OF A NEW TREND OR JUST A TEMPORARY FLUKE: Shiba Inu Decoupling from Bitcoin, Data Suggests</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

BIRTH OF A NEW TREND OR JUST A TEMPORARY FLUKE: Shiba Inu Decoupling from Bitcoin, Data Suggests

CaptainAltcoin

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