Shiba Inu and Dogecoin have demonstrated a strong 97% price correlation over the past 60 days, indicating a close relationship between these two popular meme coins.
Points
- Shiba Inu shows a 97% price correlation with Dogecoin over the past 60 days.
- Shiba Inu has an 87% price correlation with Bitcoin and 60% with Ethereum.
- The WazirX hack led to $100M in Shiba Inu being stolen, causing a significant price drop.
Introduction
Strong Correlation Between Shiba Inu and Dogecoin
Over the past 60 days, Shiba Inu and Dogecoin have shown a strong 97% price correlation. This close relationship indicates that the price movements of one often influence the other. The high correlation is a testament to the intertwined nature of these two leading meme coins.
Correlation with Bitcoin and Ethereum
Shiba Inu also shows an 87% price correlation with Bitcoin and a 60% correlation with Ethereum. These correlations suggest that while Shiba Inu is strongly influenced by Dogecoin, it also responds significantly to the broader movements of major cryptocurrencies like Bitcoin and Ethereum.
Impact of the WazirX Hack
The WazirX hack had a significant impact on Shiba Inu, with $100M worth of the cryptocurrency being stolen. This event caused a notable price drop, highlighting the vulnerabilities and risks associated with digital assets. The hack underscores the importance of robust security measures in the crypto space.
Conclusion
The strong price correlation between Shiba Inu and Dogecoin over the past 60 days illustrates the close relationship between these popular meme coins. Additionally, Shiba Inu’s correlation with Bitcoin and Ethereum shows its responsiveness to broader market trends. Despite setbacks like the WazirX hack, Shiba Inu remains a significant player in the crypto market, and its price movements are closely watched by investors.