Dog-themed cryptocurrencies Shiba Inu (SHIB) and Dogecoin (DOGE) are trading in near-perfect sync, with on-chain data showing a 97% price correlation.
The correlation matrix from IntoTheBlock shows the statistical relationship between the prices of different cryptocurrencies. A correlation coefficient close to 1 indicates a strong positive correlation between the two prices, a correlation close to zero indicates no link and a correlation close to -1 indicates a significant negative correlation.
According to IntoTheBlock data, Shiba Inu and Dogecoin had a 30-day positive correlation of 0.97, or 97%, indicating that these two canine-themed cryptos share comparable investor sentiment.
It also implies that both cryptocurrencies are being impacted by the same macro sentiment or market forces, causing them to move in lockstep. Shiba Inu showed a lower correlation with Bitcoin in the last 30 days, at 0.77.
What’s happening in markets?
Bitcoin fell below $99,000 on Sunday, marking its lowest level in more than a month. Shiba Inu dropped to a multi-month low of $0.00001005, while Dogecoin also suffered significant losses as the broader crypto market fell.
You Might Also Like
By late Sunday, digital assets had begun to rebound, with Bitcoin now trading above $105,000. Shiba Inu bulls foiled an attempt to add an extra zero to the SHIB price, with declines halting at $0.00001 before swiftly rebounding higher.
At press time, SHIB was up 5.63% in the last 24 hours to $0.0001163, having reached an intraday high of $0.00001192.
Dogecoin also saw a similar move, sharply rebounding in Monday’s session. At press time, Dogecoin was up 4.85% in the last 24 hours to $0.163, with intraday highs of $0.1677.