Bitcoin with a dog theme Shiba Inu, which is sometimes considered a meme coin, is going through a significant change as it forges a distinct route centred on practicality and core value. Its growing negative association with Bitcoin (BTC), the biggest cryptocurrency by market capitalization, is a noteworthy trend.
The thirty-day correlation coefficient between Shiba Inu and Bitcoin has fallen to all-time lows, now at -0.24, according to data from on-chain analytics company IntoTheBlock. This suggests that the movements of Bitcoin and Shiba Inu are contrary to one another, which is a significant change from their prior market dynamics.
Shiba Inu (SHIB) Bucks Trend with Negative Bitcoin Correlation,Shiba Inu (SHIB) Bucks Trend with Negative Bitcoin Correlation,Shiba Inu (SHIB) Bucks Trend with Negative Bitcoin Correlation
With the exception of Chainlink, Shiba Inu still has favourable correlations with cryptocurrencies like Ethereum and Dogecoin despite its negative association with Bitcoin. These correlations have a scale from -1 to +1; assets moving in opposing directions are indicated by negative numbers.
Shiba Inu strategy
The shift in correlation can be attributed to Shiba Inu’s strategy focus on usefulness and its goal to transcend its reputation as a meme coin. Shiba Inu’s price movement in October becomes an interesting potential as it continues on its new path, especially in light of past performance.
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The price of SHIB has been stable over the past few months, closing September on a note of tighter market conditions. This raises the prospect of a quick change in pricing. Interestingly, October has traditionally produced significant improvements for Shiba Inus, making it a favourable month.
An incredible milestone was attained, for example, when Shiba Inu hit its all-time high of $0.000088 in October 2021. But it’s important to keep in mind that the cryptocurrency market is extremely erratic and that previous performance does not imply future success.
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Shiba Inu’s increasing association with Bitcoin raises concerns about the cryptocurrency’s future course as it moves towards increased utility and adoption. A sense of expectation surrounds SHIB’s performance in the upcoming weeks due to October’s historical promise, making it a cryptocurrency to keep a careful eye on.
Finally, the fact that Shiba Inu and Bitcoin have a negative connection points to a change in the market’s dynamics as it moves away from meme coin status and towards usefulness. Since October has traditionally been a good month for SHIB, traders and investors will be keeping a close eye on the cryptocurrency’s price movement in the upcoming weeks.
Shiba Inu (SHIB) Bucks Trend with Negative Bitcoin Correlation,Shiba Inu (SHIB) Bucks Trend with Negative Bitcoin Correlation,Shiba Inu (SHIB) Bucks Trend with Negative Bitcoin Correlation