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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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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