is seeing a negative correlation with the biggest cryptocurrency by market capitalization, Bitcoin.
The 30-day correlation coefficient between Shiba Inu and Bitcoin has slipped to new lows of -0.24, according to data from on-chain analytics firm. Shiba Inu, however, continues to maintain a positive correlation with other crypto assets such as Ethereum and Dogecoin, save for Chainlink. Correlations range on a scale of -1 to +1. Lower prices for one are connected with higher prices for the other if the values are skewed negatively.
That said, a negative correlation is a relationship between assets that move in opposite directions. If the correlation value is less than zero, one can confidently conclude that the two assets are moving in opposite directions. As a result,This is as Shiba Inu charts a new course, focusing on utility as its fundamental value in its push to relinquish the status of a meme coin.
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Source: FXStreetNews - 🏆 14. / 72 Read more »