Study: DOGE price might pump soon, and SHIB’s involved
In a recent analysis, it has been discovered that Shiba Inu (SHIB) and Dogecoin (DOGE) have a strong positive correlation. The correlation coefficient of 0.74 suggests that when SHIB experiences price fluctuations, DOGE tends to follow suit. This finding is significant as it could potentially shape the market dynamics for these meme coins.
Key points:
– SHIB and DOGE have a correlation coefficient of 0.74, indicating a strong linkage between their price movements.
– Despite SHIB’s recent surge of 20%, DOGE has not yet mirrored this rise, deviating from the correlation pattern.
– Renowned crypto analyst Ali Martinez advises closely watching DOGE, given its historically high correlation with SHIB.
– The observed correlation could stem from shared investor interest or broader shifts in market sentiment.
– SHIB’s recent upward surge may be attributed to the impending Shibarium upgrade, scheduled for this month.
It is important to note that market dynamics are complex and influenced by various factors. Therefore, it is crucial to closely monitor the performance of both SHIB and DOGE.
Hot Take
The strong correlation between SHIB and DOGE presents an intriguing opportunity for crypto traders. While SHIB has experienced significant gains, DOGE has yet to follow suit. This suggests that DOGE may have the potential for a price pump in the near future. Investors should keep a close eye on both coins to capitalize on any emerging trends.
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