- Shiba Inu has a correlation of 0.88 with Dogecoin, suggesting strong similarities in price movements.
- DOGE is trading at $0.3602 with a market cap of $53.21 billion, far surpassing SHIB’s price of $0.00002142 and its cap of $12.63 billion.
- If DOGE reaches a market cap of $1 trillion, SHIB could see a proportional rise of 1,865% to $0.0004193.
The cryptocurrency market is hot, but Shiba Inu (SHIB) seems to be lagging behind. Despite the overall market rise, Shiba Inu’s performance remains moderate, especially compared to Dogecoin (DOGE), which is seeing notable gains. The dynamic between the two meme coins has sparked discussions about their correlation and whether a DOGE rally could possibly pull SHIB higher.
Meme coins owe much of their cultural and financial roots to Dogecoin, the pioneer of this niche. SHIB, like many others, was inspired by DOGE. Over the past 60 days, the correlation coefficient between Shiba Inu and DOGE stood at 0.88, a significant indicator of how similar their price movements are. This strong correlation suggests that SHIB’s trajectory could be influenced by DOGE’s bullish rallies.
Interestingly, SHIB displays a weaker association with traditional cryptocurrencies such as Bitcoin and Ethereum, making it more likely to follow in the footsteps of DOGE than broader market trends.
At press time, SHIB was priced at $0.00002142, reflecting a modest 0.64% increase over the past 24 hours. Its market capitalization stood at $12.63 billion. In contrast, DOGE was trading at $0.3602, marking a solid 4% daily rise and a significantly higher market valuation of $53.21 billion.
This performance disparity highlights DOGE’s stronger momentum, leaving SHIB in its shadow for now. However, the meme coin market is notoriously volatile and SHIB could quickly shift gears.
Trillion Dollar Question: Can DOGE and Shiba Inu Reach New Highs?
Dogecoin’s potential to become the first meme coin with a $1 trillion market capitalization is hotly debated. Reaching this milestone would require a price increase of 1,865%, pushing DOGE to $6.77, assuming its supply remains constant.
If DOGE achieves this feat, SHIB could see a proportional spike. An equivalent rise of 1,865% would propel the SHIB price to $0.0004193, a staggering jump from its current value. This possibility depends on DOGE’s ability to maintain and amplify its market dominance, which would likely ripple through the coin ecosystem.
Despite its current slow pace, SHIB’s high correlation with DOGE suggests that it could follow in DOGE’s footsteps if the latter experiences a significant rally. Coin enthusiasts and investors are closely monitoring DOGE’s trajectory, knowing that its success could create a domino effect.
For now, SHIB remains behind, but its potential for exponential growth cannot be discounted. As DOGE continues its ascent, SHIB investors could find hope in the close connection between the two assets.