Metric loss

This metric could indicate that SHIB price is gearing up for a “distinct” move

Tomiwabold Olajide

Shiba Inu price briefly decoupled from Bitcoin and the rest of the pack after posting an impressive 35% increase earlier in August

According InTheBlock statistics, Shiba Inu had a low 30-day price correlation with Bitcoin at 0.25, or 25%. This may indicate a decoupling from Bitcoin’s price action, indicating that SHIB’s price movement is less likely to be influenced by the broader market movement. If this holds, it also suggests that Shiba Inu price might be ready to make a “distinctive” move.

For comparison, stablecoins Tether (USDT), USDC, and Binance USD had their 30-day Bitcoin correlation at 0.21, 0.23, and 0.27, respectively. Other assets such as Polygon (MATIC) had a high correlation with Bitcoin of up to 0.96.

The “correlation with Bitcoin” indicator, according to IntoTheBlock, is useful for determining how the price of an asset is moving against the price of Bitcoin. Since the cryptocurrency market is still nascent, most assets have a high correlation with Bitcoin, which means their prices should move along with Bitcoin’s. Although this is not always the case, investors should follow the evolution of these correlations over time.

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Crypto assets with a low or negative correlation to Bitcoin can be useful hedges for investors trying to diversify their portfolios in case Bitcoin’s price underperforms.

Shiba Inu price briefly decoupled from Bitcoin and the rest of the pack after posting an impressive 35% increase earlier in August. As reported by on-chain analytics firm Santiment, Bitcoin price remains lackluster as traders turn their attention to altcoins. “Bitcoin has been falling since briefly returning above $25,000 on August 14. As traders have turned their attention to #Ethereum and #altcoins, $BTC trades are mostly at a loss. lowest take profit ratio we’ve seen on record,” Santiment wrote in a recent tweet.

At press time, SHIB was trading down 1.22% to $0.0000131.

100 million SHIB burned in two transactions

According to Shibburn Twitter, over 100 million Shiba Inus have been sent in two transactions to be burned in the past few hours. This was done in batches of 49,896,943 and 49,927,430 SHIB, respectively. Meanwhile, the Shiba Inu burn rate showed a slight increase with 213,067,021 SHIBs burned in the past 24 hours.

As reported by U.Today, gaming veteran William Volk will showcase Shiba Eternity at Gamescom 2022.