Memecoins seem to be quietly waiting for the day they will take the stage, as the agenda of the crypto community has shifted to other issues recently.
According to cryptocurrency analyst Ali Martinez, there is a strong positive correlation of 0.74 between SHIB and DOGE. This means that when the price of the Shiba Inu moves, Dogecoin usually moves in the same direction.
Martinez noted that the Shiba Inu rose 20% last week, but Dogecoin has yet to reflect this move. He suggested that it might be wise to watch Dogecoin closely, as it may catch up with SHIB soon.
Santiment, a crypto analysis company, also evaluated SHIB in its latest report. The report noted that altcoins are experiencing a slight rise in prices today, but most mid- and small-cap coins are still struggling to achieve any gains on the weekly timeframe.
According to Santiment, many traders have shifted their focus to SHIB as it is one of the few live coins. Santiment reports that Shiba Inu is up 19% with increasing social volume, indicating a high level of interest and engagement from the crypto community.
*Not investment advice.
