Unprecedented Levels of Correlation between Shiba Inu and Dogecoin Observed
The price correlation between Shiba Inu and Dogecoin has reached almost 100%, indicating investors may be moving their funds away from risky assets. The recent drop in the cryptocurrency market is partly attributed to comments made by Jerome Powell, the chairman of the U.S. Federal Reserve, about the regulator’s scrutiny of the industry, leading to panic selling and liquidations totaling $100 million. Meanwhile, XRP has faced bearish pressure for weeks but there has been a recent positive price movement attributed to an increase in trading volume of the asset and the easing of regulatory concerns around the asset. If XRP manages to break through the resistance level, it could trigger a new bullish trend for the asset.
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