The crypto world has been abuzz with confusion as the dog-themed cryptocurrency, Shiba Inu, takes center stage.
U Today reports, the latest data has revealed a noteworthy development, namely that the correlation of Shiba Inu (SHIB) with the largest cryptocurrency by market capitalization, Bitcoin (BTC), has reached a new low, sending waves through the crypto community.
Shiba Inu is Negatively Correlated with BTC
According to on-chain analytics firm IntoTheBlock, the 30-day correlation coefficient between Shiba Inu and Bitcoin currently stands at -0.24. This figure shows a striking difference in its price movement.
While correlation in the crypto world usually ranges from -1 to +1, with positive values indicating assets moving in the same direction and negative values indicating opposite movements.
This memecoin's negative correlation with Bitcoin indicates that the two are now moving in different directions.
Interestingly, SHIB continues to have a positive correlation with other cryptocurrencies, including Ethereum and Dogecoin, except Chainlink. This strange situation underscores the unique position of this memecoin in the crypto market.
SHIB's journey is taking an interesting direction as it focuses on utility, seeking to shed its image as a mere meme cryptocurrency.
This transformation signals the maturity of the Shiba Inu project, as it seeks to establish itself as a cryptocurrency with real value and real-world applications.
At the time of writing, both Bitcoin and SHIB have shown relatively stable prices over the last 24 hours.
Bitcoin has seen a rise of 4.12 percent in September, while Shiba Inu has seen a decline of 8.14 percent for the same period.
As October approaches, there are signs of optimism for Shiba Inu despite recent setbacks.
SHIB price has remained in a tight range since early September, indicating a possible upcoming price move.
Historically, October has proven to be a profitable month for SHIB, with an average gain of 420 percent.
This statement is illustrated by SHIB's extraordinary achievement of reaching an all-time high (ATH) of US$0.000088 in October 2021.
However, it is important to be careful in interpreting historical data in the volatile crypto market. Past performance does not guarantee future results, and the direction of the Shiba Inu price in October remains uncertain.
