- The correlation between the memes means that DOGE’s price may increase soon.
- SHIB’s active addresses were higher than DOGE but the broader sentiment was similar.
Following Shiba Inu’s [SHIB] seven-day 20% surge, all eyes are now turning to Dogecoin [DOGE], its close contender in the meme coin arena. While SHIB has enjoyed this uptick period, the same cannot be said of DOGE.
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According to CoinMarketCap, DOGE exchanged hands at $0.07 at press time. This price represents a 2.69% increase within the same period SHIB gained 20%. However, SHIB and DOGE have a strong correlation, dating back to 2021.
Do the memecoins have each other’s back?
According to IntoTheBlock’s data, the correlation coefficient between both cryptocurrencies was 0.74. This was higher than DOGE’s correlation with Ethereum [ETH] and Bitcoin [BTC].
Due to this interdependence, market participants are expecting DOGE to follow in SHIB’s footsteps. One of those with optimism about DOGE was CryptoKaloe, the Twitter-famous analyst.
The analyst explained that DOGE’s price action might leave its boring state soon. This could drive prices upwards much more than traders anticipate.
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Author: Victor OlanrewajuDid you like this?
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