Shiba Inu correlation with Bitcoin soars, and price is expected to show uptick in short term
As the broader digital currency ecosystem veers toward a new bullish revival, on-chain data has shown that meme coin Shiba Inu (SHIB) is now exhibiting one of its strongest correlations with Bitcoin (BTC) in the Year-to-Date (YTD) period. According to data from crypto analytics outfit IntoTheBlock, the Shiba Inu correlation with BTC is currently pegged at 0.8.
In terms of price action, the correlation is not showing forth as Bitcoin is currently on a bullish growing streak, where it has added 8.70% in the past 24 hours and is trading at $24,364.89. The opposite holds true for Shiba Inu, which has recorded a milder growth of 1.78%. On the weekly chart, BTC is up by 8.6%, while Shiba Inu is experiencing a milder price reversal within the said time frame.
Shiba Inu is known for its massive volatility, and it is not uncommon to find the meme coin print massive price uptrends. The current correlation with Bitcoin offers a very good omen despite its relatively lower price growth.
From this lone metric, we can expect SHIB to hasten its upsurge in the coming hours or days should Bitcoin remain on the uptrend into the near future.
Other Shiba Inu advantages
It is a well-known fact that the Shiba Inu token has one of the best ecosystems in terms of community solidarity as well as potential protocol utility at play. From the recent launch of the beta version of Shibarium to the integration of SHIB as a payment alternative in a series of online merchant outlets, the token’s potential for growth in the long term appears high.
Currently trading at a price of $0.00001099, we can expect Shiba Inu to maintain further upticks in the short term as well as in the long term. This outlook will notably be boosted by the deflationary tendencies that Shibarium will add to the protocol.