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28 October, 2024

Shiba Inu Breaks Free from Bitcoin’s Grip: Is This the Start of a New Trend?

28 October, 2024

Shiba Inu (SHIB) has recently shown signs of breaking away from its strong correlation with Bitcoin, a development that could have significant implications for the meme coin’s future. Despite a recent 11% price drop, SHIB’s decoupling from the flagship cryptocurrency, coupled with increasing long-term holding patterns, suggests a potential shift towards greater price stability and independent market movement.

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The breakdown of the correlation between SHIB and Bitcoin could be attributed to several factors. The growing adoption of Shiba Inu by retail investors, its increasing utility through projects like Shibarium, and the broader crypto market’s recovery from its recent slump are all contributing to a more independent trajectory for SHIB. As a result, the meme coin’s price movements are becoming less susceptible to Bitcoin’s volatility.

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While SHIB has struggled to break through resistance levels in recent weeks, the increased long-term holding by investors suggests a growing belief in the coin’s potential. This trend indicates a shift away from short-term speculation and towards a more sustainable investment strategy. If this trend continues, it could lead to a gradual increase in SHIB’s price over time.

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However, it’s important to note that the crypto market remains highly volatile, and SHIB’s future price movement is subject to a multitude of factors. Despite the recent decoupling from Bitcoin, SHIB’s price could still be influenced by broader market trends, regulatory developments, and overall investor sentiment.

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The break from Bitcoin’s correlation marks a significant development for Shiba Inu. If this trend continues and SHIB can overcome its resistance levels, it could signal a new chapter for the meme coin, potentially paving the way for a more sustainable and independent future.