Advertisement
AD

Main navigation

SHIB Price Jumped 7.5% as DOGE Correlation Broke Down, This Is What Happened

Advertisement
Fri, 4/11/2022 - 9:46
SHIB Price Jumped 7.5% as DOGE Correlation Broke Down, This Is What Happened
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

SHIB's quotation broke away from DOGE and, trading in a negative correlation to the "dog" coin sector leader, rose 7.5%. The gap in price action between Shiba Inu and Dogecoin, and in favor of the first, was unexpected.

Advertisement
Source: TradingView

Given the narrative that emerged in the last week, with DOGE pumped up by news of Elon Musk's purchase of Twitter, and SHIB and other similar tokens moving after it on inertia, it seemed that with the initial hype fading, strong surges would not be expected. An even more unlikely scenario would be that the DOGE price would fall by 0.7% and the SHIB price rise by 7.3% in the meantime, but that is exactly what is happening.

What is SHIB price trigger?

While the DOGE price action is the most obvious and strongest influencing factor on SHIB quotes, Shiba Inu as a standalone project is also creating its own narrative.

So the main incentive for SHIB investors, apart from the dream of getting rich, is the expected release of the project's own Layer 2 solution, Shibarium. The innovation is expected to take the Shiba Inu ecosystem to a whole new level and expand the use of all of its tokens many times over.

Related
SHIB Burn Rate up 260% as Shibarium Release Date Potentially Gets Closer

Shibarium remains the main trigger yet to be realized, when Shiba Inu has already burned almost 50% of the SHIB supply, launched its own mobile game and reached 2.2 million address holders.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD