- Shiba Inu has an 0.88 correlation with Dogecoin, suggesting robust value motion similarities.
- DOGE trades at $0.3602 with a $53.21B market cap, far outpacing SHIB’s $0.00002142 value and $12.63B cap.
- If DOGE hits a $1T market cap, SHIB might see a proportional 1,865% surge to $0.0004193.
The cryptocurrency market is buzzing, however Shiba Inu (SHIB) appears to be lagging behind. Regardless of the general market uptick, Shiba Inu’s efficiency stays subdued, particularly in comparison with Dogecoin (DOGE), which is seeing notable features. The dynamic between the 2 meme cash has spurred discussions about their correlation and whether or not a DOGE rally might ultimately pull SHIB upward.
Meme cash owe a lot of their cultural and monetary roots to Dogecoin, the pioneer on this area of interest. SHIB, like many others, was impressed by DOGE. Over the previous 60 days, the correlation coefficient between Shiba Inu and DOGE stood at 0.88—a big indicator of their value motion similarity. This excessive correlation means that SHIB’s trajectory could possibly be influenced by DOGE’s bullish rallies.
Curiously, SHIB shows a weaker affiliation with mainstream cryptocurrencies like Bitcoin and Ethereum, making it extra prone to observe DOGE’s footsteps than broader market traits.
At press time, SHIB was priced at $0.00002142, reflecting a modest 0.64% enhance during the last 24 hours. Its market capitalization sat at $12.63 billion. In distinction, DOGE was buying and selling at $0.3602, marking a strong 4% day by day rise and a considerably increased market valuation of $53.21 billion.
This efficiency disparity highlights DOGE’s stronger momentum, leaving SHIB in its shadow for now. Nevertheless, the meme coin market is notoriously unstable, and SHIB might shortly shift gears.
$1 Trillion Query: Can DOGE and Shiba Inu Attain New Heights?
Dogecoin’s potential to develop into the primary meme coin with a $1 trillion market capitalization is being hotly debated. Reaching this milestone would require an 1,865% value enhance, pushing DOGE to $6.77, assuming its provide stays fixed.
If DOGE manages this feat, SHIB might see a proportional spike. An equal 1,865% rise would catapult SHIB’s value to $0.0004193, a staggering leap from its present worth. This chance hinges on DOGE’s capability to maintain and amplify its market dominance, which might possible ripple via the meme coin ecosystem.
Regardless of its present sluggish tempo, SHIB’s excessive correlation with DOGE suggests it might trip on DOGE’s coattails if the latter experiences a big rally. Meme coin lovers and buyers are carefully monitoring DOGE’s trajectory, understanding that its success might create a domino impact.
For now, SHIB stays a step behind, however its potential for exponential development can’t be dismissed. As DOGE continues its climb, SHIB buyers might discover hope within the tight bond between the 2 belongings.
