Shiba Inu and Dogecoin Prices Show Strong 97% Correlation Over 60 Days

Shiba Inu and Dogecoin have shown a 97% price correlation over the past 60 days. This article explores the implications of this correlation and the impact of the recent WazirX hack on Shiba Inu’s price.

Points

• Shiba Inu and Dogecoin exhibit a 97% price correlation.
• Shiba Inu also shows high correlations with Bitcoin and Ethereum.
• WazirX hack led to a significant price drop in Shiba Inu.

Over the past 60 days, Shiba Inu and Dogecoin have exhibited a strong 97% price correlation. This close relationship indicates that movements in one coin’s price are closely mirrored by the other.

In addition to this, Shiba Inu shows an 87% price correlation with Bitcoin and 60% with Ethereum. These correlations highlight Shiba Inu’s sensitivity to broader market trends.

The recent WazirX hack, which led to $100 million in Shiba Inu being stolen, caused a significant price drop. This event underscores the importance of security in the cryptocurrency market and its impact on price stability.

Explanation

• Price Correlation: The strong correlation between Shiba Inu and Dogecoin suggests that their prices are closely linked, likely influenced by similar market factors.
• Market Sensitivity: Shiba Inu’s high correlations with Bitcoin and Ethereum highlight its vulnerability to broader market trends.
• Security Impact: The WazirX hack demonstrates the critical role of security in maintaining price stability and investor confidence.