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HomeCrypto NewsMarketAnalyst Predicts DOGE to Emulate Shiba Inu Rally, Citing High Price Correlation

Analyst Predicts DOGE to Emulate Shiba Inu Rally, Citing High Price Correlation


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Citing their high price correlation coefficient, Ali Martinez expects Dogecoin (DOGE) to mirror Shiba Inu’s (SHIB) latest one-week double-digit uptick

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Dogecoin (DOGE) and Shiba Inu (SHIB) remain among the top community-driven crypto projects by market cap. This has attracted numerous investors and prominent figures to both projects. 

Besides basking in elevated popularity, SHIB and DOGE have maintained a high price correlation coefficient over the past months. 

A popular market watcher, Ali Martinez, called attention to this trend on Thursday. The top analyst further told investors to expect a possible DOGE pump, citing the Shibarium-inspired SHIB price rally. 

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SHIB and DOGE Price Correlation

IntoTheBlock shows a strong correlation between SHIB and DOGE price movements. In particular, the data reveals that the 60-day price correlation coefficient for SHIB and DOGE was 0.74 at the time of the update. 

This entails that both assets tend to move in the same trend. Essentially, when Shiba Inu’s price pumps or declines, Dogecoin’s price often follows suit. 

Citing this high correlation matrix and SHIB’s recent upsurge, Martinez presumed that DOGE could experience a rally in the coming days.

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It bears noting that Shiba Inu recorded an impressive run in the past week. Notably, the canine-themed token has appreciated over 20% in the last seven days. At press time, the asset has posted an increase of over 31% and 45% in the past 30 and 60 days. 

Meanwhile, Dogecoin continues to struggle with a meager 2% gain over the past week. A similar 20% increase would take DOGE to the $0.09 level. 

Recall that the renowned expert previously revealed some critical support and resistance levels investors should watch on the DOGE chart. 

At press time, Shiba Inu is changing hands at $0.000009865 while DOGE trades for $0.07534. With the launch of the Shibarium mainnet fast approaching, several experts have shared varying bullish expectations for SHIB.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom is a crypto journalist and content writer who has been talking about crypto and blockchain technology since 2018. With a knack for translating complex concepts into engaging narratives, he takes pleasure in educating and informing industry players about developments in space. Armed with industry expertise and a commitment to delivering accurate and thought-provoking content, he has produced thousands of articles including news and educational content for various projects and blogs, showcasing his versatility and dedication to his craft. He holds a Bachelor's degree in Petroleum Engineering.

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