### #shibaโก Inu in the Market: Analyzing
Just open the box ๐ and collect your free 1usd ๐๐ต
SHIB's Price Relationship with Bitcoin and Ethereum
Data shows that Shiba Inu's price has closely followed Bitcoin's movements more than any other asset, with $SHIB and BTC showing the highest price correlation over the last 30 days.
#### Shiba Inu and Market Trends
Shiba Inu (SHIB) benefits or suffers from broader market trends. When the market is up, SHIB usually sees price increases. Conversely, during market downturns, $SHIB experiences significant declines.
#### Shiba Inu Follows Bitcoin
This trend has been consistent throughout the year, particularly noticeable in late April. Bitcoin dropped 15% from $66,000 on April 23 to $56,000 on May 1, marking its lowest price in three months. Shiba Inu followed a similar path, dropping from $0.00002689 on April 23 to $0.00002057 on May 1, a 23.5% decline. This shows the strong correlation between SHIB and Bitcoin.
#### SHIB's Correlation with Bitcoin
According to IntoTheBlock data, Shiba Inu has a 79% correlation with Bitcoin over the last 30 days. This means SHIB's price movements are strongly linked to Bitcoin's. In comparison, Cardano (ADA) has a 62% correlation with Bitcoin during the same period.
While this high correlation can be good for SHIB, it also means that SHIB will likely follow Bitcoin's trends. If Bitcoin faces market challenges, SHIB is expected to follow suit. Recently, Bitcoin struggled at the $70,000 level and dropped to $68,000, which also affected SHIB's price. Since May 30, SHIB has seen six consecutive losing days, dropping 6.17% this month.