A metric shows that the price of the popular meme coin Shiba Inu (SHIB) is preparing for a ‘different’ move. Also, Shibburn revealed that over 100 million SHIBs went to the burn wallet in two transactions in the last hours. Meanwhile, according to Santiment, Bitcoin is sluggish as traders shift their attention to altcoins.
“SHIB is ready to make a ‘different’ move!”
According to IntoTheBlock statistics, the Shiba Inu was showing a low 30-day price correlation with Bitcoin at 0.25, or 25%. According to experts, this is likely to indicate a divergence from Bitcoin’s price action, which indicates that SHIB’s price action is less likely to be influenced by the broader movement of the market. Experts say that if this situation continues, SHIB will be ready to make a ‘different’ move.
For comparison, stablecoins Tether (USDT), USD Coin (USDC), and Binance USD (BUSD) held their 30-day correlations with Bitcoin at 0.21, 0.23 and 0.27, respectively. Other altcoins like Polygon (MATIC) had a high correlation with Bitcoin, up to 0.96.
Why are altcoins correlated with Bitcoin important?
The ‘correlation with Bitcoin’ indicator is important, according to IntoTheBlock. Because it is useful for determining how the price of an asset is moving relative to the Bitcoin price. Since the cryptocurrency market is still immature, most assets have a high correlation with Bitcoin. This means that its prices are expected to move at the same pace as Bitcoin. While this isn’t always the case, it makes sense for investors to keep track of how these correlations change over time.
According to experts, crypto assets that have a low or negative correlation with Bitcoin can be useful hedges for investors trying to diversify their portfolios in case the Bitcoin price underperforms.
“Bitcoin is sluggish as traders turn to altcoins”
cryptocoin.comAs you follow, SHIB posted an impressive 35% increase in early August. It was then briefly separated from Bitcoin and the rest of the market. As noted by on-chain analytics firm Santiment, Bitcoin price is sluggish as traders shift their attention to altcoins. Santiment made the following statement in a recent tweet:
Bitcoin briefly jumped above $25,000 on August 14. However, it has since fallen. BTC transactions are mostly at a loss as traders turn their attention to Ethereum and altcoins. This is the lowest take profit we’ve seen on record.
100 million SHIB burned in two transactions
According to Shibburn Twitter, over 100 million SHIB tokens went to the burning wallet in two transactions in the last hours. These transactions took place in batches of 49,896,943 and 49,927,430 SHIBs, respectively. Meanwhile, the SHIB burn rate has increased slightly over the past 24 hours, with 213,067,021 SHIBs.
In the meantime, as we have reported as Kriptokoin.com, games veteran William Volk will showcase Shiba Eternity at Gamescom 2022.
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