The dog-themed cryptocurrencies Shiba Inu (SHIB) and Dogecoin (DOGE) are trading almost perfectly in sync, with on-chain data showing a price correlation as high as 97%. IntoTheBlock's correlation matrix shows the statistical relationships between the prices of different cryptocurrencies. A correlation coefficient close to 1 indicates a strong positive correlation between the two prices, a correlation close to zero indicates no relationship, and a correlation close to -1 indicates a significant negative correlation. According to IntoTheBlock's data, the 30-day positive correlation between Shiba Inu and Dogecoin is 0.97, or 97%, indicating that these two dog-themed cryptocurrencies exhibit similar investor sentiment.
This also means that both cryptocurrencies are influenced by the same macro sentiment or market forces, resulting in their synchronized movements. Over the past 30 days, the correlation between the Shiba Inu index and Bitcoin was lower, at 0.77.
What is happening in the market?
Bitcoin dropped below $99,000 on Sunday, hitting its lowest level in over a month. Shiba Inu fell to a several-month low of $0.00001005, while Dogecoin also suffered significant losses as the overall cryptocurrency market declined.
By late Sunday, digital assets began to rebound, with Bitcoin trading above $105,000. "Shiba Inu bulls thwarted attempts to add a 'zero' to the SHIB price, with the downward trend stopping at $0.00001, followed by a rapid rebound upwards.
As of the time of writing, SHIB has risen 5.63% in the past 24 hours to $0.0001163, with an intraday high of $0.00001192.
Dogecoin also showed a similar trend, rebounding sharply during Monday's trading. As of the time of writing, Dogecoin has risen 4.85% in the past 24 hours to $0.163, with an intraday high of $0.1677.
