Shiba Inu, the popular meme cryptocurrency, has recently shown signs of decreased correlation with Bitcoin, diverging from previous trends that closely aligned it with the leading cryptocurrency’s market movements.
Analysis from IntoTheBlock revealed that a month and a half ago, Shiba Inu’s 30-day correlation coefficient with Bitcoin was robust at nearly 0.94. Currently, this metric stands at 0.89, indicating a slight but noticeable decrease in alignment with Bitcoin’s price movements.
This shift occurred as Bitcoin’s price increased over the last 30 days, while Shiba Inu recorded a decrease of 5.72% in the same period. This divergence might suggest a change in Shiba Inu’s market dynamics, possibly turning in its favor despite recent declines.
In a notable development on the trading platform Robinhood, a staggering three trillion Shiba Inu tokens, valued at approximately $79.94 million, were transferred in a single transaction. This move is the largest Shiba Inu transaction recorded in the past 24 hours and ranks as the second-largest in the previous week. The details of the sending and receiving parties remain undisclosed, fueling speculation in the cryptocurrency community.
Further on-chain analysis indicates that the address responsible for this massive transfer has been highly active, moving a total of six trillion Shiba Inu tokens worth around $163.68 million over the past five days.
This same address also executed two transactions of two trillion SHIB each to another wallet within Robinhood on April 19, and it currently holds over four trillion SHIB, valued at $112.46 million.
As Shiba Inu continues to navigate its path in the volatile crypto market, transactions of this magnitude are closely watched by investors and analysts, offering potential insights into future market movements and strategic shifts within the ecosystem.
The fluctuating correlation with Bitcoin and significant transactions like these underscore Shiba Inu’s dynamic nature as it endeavors to regain its footing in the competitive cryptocurrency arena.
Shiba Inu and Bitcoin remain at the forefront of the dynamic cryptocurrency market, capturing the attention of investors globally. Shiba Inu’s value has adjusted to $0.00002706, a modest increase of 1.25% on the last day. Bitcoin has maintained a steady course, with a slight uptick of 0.24% within a day, bringing its price to a notable $66,420.
The daily technical indicators for Shiba Inu (SHIB) against the US dollar suggest a cautiously optimistic outlook. The Relative Strength Index (RSI) stands at 54.40, signaling a balanced momentum with neither overbought nor oversold conditions. The Chaikin Money Flow (CMF) index hovers at 0.10, indicating a slight influx of money into the market.
