The crypto world has been buzzing with confusion as the dog-themed crypto, Shiba Inu, takes center stage.
U Today reported that recent data has revealed noteworthy developments, namely that Shiba Inu (SHIB) correlation with the largest cryptocurrency by market capitalization, Bitcoin (BTC), has reached a new low, sending waves through the crypto community.
Shiba Inu Negatively Correlates 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 highlights a striking difference in their price movements.
While correlations in the crypto world typically range 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 both are now moving in different directions.
Interestingly, SHIB still maintains a positive correlation with other cryptocurrencies, including Ethereum and Dogecoin, except for Chainlink. This peculiar situation underscores the unique position of this memecoin in the crypto market.
SHIB's journey is taking an interesting turn as it focuses on utility, striving to shed its image as merely a meme cryptocurrency.
This transformation signifies 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 experienced a rise of 4.12 percent in September, while Shiba Inu has seen a decline of 8.14 percent over the same period.
As October approaches, there are signs of optimism for Shiba Inu despite some recent setbacks.
SHIB's price has remained within a tight range since early September, indicating a potential upcoming price movement.
Historically, October has proven to be a profitable month for SHIB, with an average increase of 420 percent.
This statement is illustrated by SHIB's remarkable achievement of reaching an all-time high (ATH) of $0.000088 in October 2021.
However, it is important to be cautious in interpreting historical data in the highly volatile crypto market. Past performance does not guarantee future results, and Shiba Inu's price direction in October remains uncertain.
