Shiba Inu and Dogecoin Prices Show Strong 97% Correlation Over 60 Days

Strong Price Correlation Between Shiba Inu (SHIB) and Dogecoin (DOGE)

Shiba Inu (SHIB) exhibits a high price correlation with Dogecoin (DOGE). Over the past 60 days, their prices have shown a 97% correlation.

This close link suggests that market conditions and investor behavior significantly influence both cryptocurrencies. When DOGE's price rises, SHIB typically follows suit, indicating similar market reactions.

Significant Correlation with Other Major Cryptocurrencies

In addition to DOGE, SHIB also has strong price correlations with Bitcoin (BTC) and Ethereum (ETH). Its correlation with BTC stands at 87%, while with ETH, it sits at 60%.

Implications for Investors

The high price correlation between SHIB, DOGE, and other major cryptocurrencies highlights the importance of understanding market dynamics when investing in meme coins. Investors should be aware that these assets can move in tandem and may not behave independently.

Security Incident Impact

A recent hack on WazirX resulted in approximately $100 million worth of SHIB being stolen. This incident led to a significant price drop. However, the impact on the overall correlation between SHIB and other cryptocurrencies remains unclear.