BIRTH OF A NEW TREND OR JUST A TEMPORARY FLUKE: Shiba Inu Decoupling from Bitcoin, Data Suggests

The data shows SHIB has a moderately high positive correlation with Dogecoin (DOGE) and Uniswap (UNI), which CaptainAltcoin believes is because both are prominent meme coins and Ethereum ecosystem tokens respectively. However, SHIB exhibited very little correlation to Ethereum (ETH) itself.

“The low ETH correlation is a big deal, as it further confirms SHIB’s decoupling from the overall crypto markets,” commented Admir Tulic.

“This data-driven insight helps validate what many SHIB investors were sensing anecdotally as the token marched to an all-time high this month even as Bitcoin traded sideways.”

However, the 60-day data paints a different picture, with the SHIB-BTC correlation rising to 0.43.

“While the 30-day correlation hints at possible decoupling, the 60-day data shows SHIB remains moderately correlated with BTC’s price movements,” said Admir.

The analyst believes more time is needed to determine if SHIB can sustainably diverge from Bitcoin’s influence. The 60-day data does validate SHIB has a high positive correlation with other major altcoins like ETH, DOGE, and UNI.

“It’s too early to conclude SHIB is fully detaching itself from the broader crypto market trends,” commented Tulic. “

But there are early indications it may be developing some independence, at least in the short-term. Longer-term data will provide more clarity on whether this is a temporary anomaly or the start of a major decoupling trend.”

Shiba Inu price is $0.00000818, down  -1.82% in the last 24 hours, and the live market cap is $5B. It has circulating supply volume of 999,988,032,197,854 SHIB coins and a max. supply volume of 999,988,032,197,854 alongside $126M 24h trading volume.