'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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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
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