Whereas your complete market recorded an uptick over the previous day, Shiba Inu (SHIB) was slowing it down. The second-largest meme coin was lagging whereas its counterparts have been surging. Dogecoin (DOGE) was a part of the latter because it managed to rise. In the meantime, a number of have been drawing parallels and assessing the correlation between the 2 meme cash. Will SHIB witness a spike if DOGE registers a large uptick?
Additionally Learn: AI Sets Dogecoin (DOGE) Price For January 20, 2025
Meme cash that entered the market after Dogecoin have been all impressed by it. DOGE holds the tag of being the OG meme cryptocurrency. Other than this, the correlation between the 2 was notably excessive.
During the last 60 days, Shiba Inu has had a 0.88 correlation with Dogecoin. In distinction to Dogecoin, the asset has had a weak affiliation with different in style belongings like Bitcoin and Ethereum.
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Present Value Situation
On the time of writing, Shiba Inu was buying and selling at $0.00002142 with a 0.64% spike over the previous 24 hours. In the meantime, as seen within the beneath chart, Dogecoin recorded a 4% enhance all through the final day. Throughout press time, the OG meme coin was priced at $0.3602.
The market cap of the Shiba Inu stood at $12.63 billion. Dogecoin’s market valuation was at $53.21 billion.
Wanting Into Dogecoin’s Potential Rise In Market Cap
Dogecoin has the potential to develop into the primary meme coin with a $1 trillion market valuation. Dogecoin must rise by 1,865% to achieve the $1 trillion valuation. If it succeeds, its value will rise from its current $0.3447 worth to $6.77, assuming that its provide stays unchanged.
As well as, Shiba Inu’s value will fly to $0.0004193 if it suffers a proportionate 1,865% spike, much like Dogecoin’s ascent to a $1 trillion market worth. In consequence, SHIB’s value might enhance to an astounding $0.0004193 if Dogecoin reaches a $1 trillion market worth.
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