Shiba Inu Bitcoin Correlation Drops to Lowest in Weeks, What Happened?

This supports the notion that SHIB is increasingly breaking off from Bitcoin's influence and establishing its trajectory.

Shiba Inu was demonstrating a higher 30-day correlation with Ethereum at 0.84, while that with rival Dogecoin stands at 0.56.

Shiba Inu developments continue to shape progress

The decreasing correlation is noteworthy, as Shiba Inu seems to be on the path of creating a trajectory for itself as developments in its ecosystem shape its progress.

For instance, Shiba Inu was a top gainer in July, closing the month by over 12%. Kaiko noted that this price boost was spurred by a wave of developer activity on the network. That particular month saw the introduction of self-sovereign identity (SSI) as well as progress on Shibarium.

However, the tide changed as Shiba Inu erased the gains after Shibarium paused shortly after its Aug. 16 launch. Shiba Inu has yet to rebound from the August falls and is currently down by 7.13% in September.

At the time of writing, Shiba Inu was marginally up 0.68% in the last 24 hours to $0.0000074.