Shiba Inu Bitcoin Correlation Drops to Lowest in Weeks, What Happened?

U.Today
U.Today

16 Sep 2023 1:40 PM

Shiba Inu developments continue to shape progress...

  • The 30-day correlation between Shiba Inu and Bitcoin has fallen to 0.42, indicating that Shiba Inu is becoming less influenced by Bitcoin's movements.
  • The 60-day correlation between Shiba Inu and Bitcoin was 0.5, suggesting that parallel price movements are less likely.
  • Shiba Inu has a higher 30-day correlation with Ethereum at 0.84 and with Dogecoin at 0.56.
  • Shiba Inu's progress is being shaped by developments in its ecosystem, such as the introduction of self-sovereign identity (SSI) and progress on Shibarium.
  • Shiba Inu experienced a price boost in July but erased the gains after Shibarium paused shortly after its launch.
  • Shiba Inu is currently down by 7.13% in September.

The article provides a neutral analysis of the correlation between Shiba Inu and Bitcoin, highlighting the decreasing correlation and the impact of developments in Shiba Inu's ecosystem on its progress.

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What is the current 30-day correlation between Shiba Inu and Bitcoin?What is the 60-day correlation between Shiba Inu and Bitcoin?Which cryptocurrencies have a higher correlation with Shiba Inu?What developments in Shiba Inu's ecosystem have influenced its progress?How has Shiba Inu's price performance been in September?

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