Shiba Inu shows correlation with Bitcoin, but is its price moving in tandem?
to data from crypto analytics outfit IntoTheBlock, the Shiba Inu correlation with BTC is currently pegged at 0.8.In terms of price action, the correlation is not showing forth as Bitcoin is currently on a bullish growing streak, where it has added 8.70% in the past 24 hours and is trading at $24,364.89. The opposite holds true for Shiba Inu, which has recorded a milder growth of 1.78%. On the weekly chart, BTC is up by 8.
Shiba Inu is known for its massive volatility, and it is not uncommon to find the meme coin print massive price uptrends. The current correlation with Bitcoin offers a very good omen despite its relatively lower price growth.
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