Shiba Inu's Focus on Utility: A New Direction for the Dog-Themed Cryptocurrency
Discover the latest developments surrounding Shiba Inu's correlation with Bitcoin and its focus on utility. Explore the potential for October gains and the impact of negative correlation.
Posted 10 months ago in Altcoins
Shiba Inu continues to focus on utility as its fundamental value
Dog-themed cryptocurrency Shiba Inu is witnessing a shift in its correlation patterns with other cryptocurrencies, particularly Bitcoin. According to data from on-chain analytics firm IntoTheBlock, the 30-day correlation coefficient between Shiba Inu and Bitcoin has reached a new low of -0.24. However, Shiba Inu continues to maintain a positive correlation with Ethereum and Dogecoin, except for Chainlink.
Correlation coefficients range from -1 to +1, indicating the strength and direction of the relationship between assets. A negative correlation suggests that the two assets move in opposite directions. In this case, Bitcoin and Shiba Inu appear to be heading in opposite directions.
Meanwhile, there is a notable change in Shiba Inu's strategy as it focuses on utility as its fundamental value, aiming to shed its image as a mere meme coin. Despite a lackluster performance in previous months, historical data indicates that October has been a promising month for SHIB, with an average gain of 420%.
While Shiba Inu's price has remained relatively stable in September, with Bitcoin experiencing a 4.12% increase and Shiba Inu seeing an 8.14% decrease, the upcoming month holds the potential for significant movements and a tighter price range.
Considering the volatility of the cryptocurrency market, it is crucial to note that past performance does not guarantee future results. However, based on historical precedents, October presents an optimistic outlook for Shiba Inu.
Last updated 9/30/2023, 7:09:58 PM
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