'Closely Watch Dogecoin:' Analyst Shows How Meme Coin Is Vibing Closely With Shiba Inu
Portfolio Pulse from Mehab Qureshi
Cryptocurrency analyst Ali Martinez has highlighted a positive correlation between meme cryptocurrencies Shiba Inu (SHIB) and Dogecoin (DOGE), suggesting their price movements are closely related. Data from IntoTheBlock shows a correlation coefficient of 0.74 between the two digital assets. Despite SHIB experiencing a 20% surge in the past week, DOGE has not yet shown a similar pattern.
August 11, 2023 | 12:23 pm
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NEUTRAL IMPACT
Despite the positive correlation between DOGE and SHIB, DOGE has not yet shown a similar pattern to SHIB's recent 20% surge.
The correlation coefficient between DOGE and SHIB is 0.74, indicating a strong relationship. However, despite SHIB's recent surge, DOGE has not yet shown a similar pattern. This could suggest that DOGE may soon follow suit, but it's not guaranteed.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Shiba Inu (SHIB) has experienced a 20% surge in the past week, and its price movements are closely correlated with Dogecoin (DOGE).
SHIB has experienced a 20% surge in the past week. Given the strong correlation between SHIB and DOGE, this could potentially influence DOGE's price movements in the future.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100