• Wed. May 22nd, 2024

Historically High Levels Of Connection Between Shiba Inu And Dogecoin



Mar 10, 2023

There has been an almost perfect link between the cost of a Shiba Inu and the cost of Dogecoin in recent days. That gives the impression that they’re moving in unison.

Riskier investments, like any of these meme coins and tokens. Its negative connotation is getting more and more associated with it. It seems conceivable that the investors are selling them off in an effort to reduce their losses.

Social media and renowned activists have helped Shiba Inu and Dogecoin gain popularity. After the strong rallies ended, most investors lost a lot.

Investors who want to reduce their risk exposure should diversify their holdings and stay away from volatile investments. One can find an extremely high level of correlation between the cost of a Shiba Inu and the value of Dogecoin.

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As an immediate and unavoidable result of this, the prices of a great number of tokens have witnessed a sharp and precipitous decrease. This has been going on throughout the course of the last few weeks.

A pattern that may be observed throughout the entirety of the bitcoin industry. When this was written, a Shiba Inu was worth 0.00000011 dollars, whereas a Dogecoin was worth $0.07.

XRP Is Sick of Being in the Dumps

The market channel that is making lower highs and lower lows has acted as resistance. As a direct consequence of this, there is a large amount of selling pressure being exerted on digital currency.

It has been linked with the cryptocurrency Ripple (XRP) over the past few weeks. Yet, recent market behavior suggests this asset may break out of its price action. Over the previous two days, the value of XRP has risen by more than 5%.

It indicates that it may shortly break through the current ceiling and continue rising. The current upward trend in the price of XRP can be attributed to a number of different factors.

To start, recent observations of higher-than-usual trading volumes for the asset are bullish for the value of the product. Second, the SEC’s lawsuit against Ripple appears to be nearing a conclusion.

They can rest easy knowing their worries about the asset’s legality have been allayed. The XRP market is seen as having a brighter future by investors at the moment.

As a consequence of each of these elements in addition to the current trajectory of the price. A number of traders have been left dissatisfied with the current XRP pricing.

Starting in the first week of January 2022, it has been moving within the descending price channel. Nonetheless, the recent price movement has prompted speculation amongst market participants that XRP is close to exiting its trading range.

If the asset can push past the key resistance level, a new upward trend for XRP may begin.  After US Federal Reserve chairman Jerome Powell said the government will closely watch the area, cryptocurrency prices plummeted.

After hearing this news, the market responded almost immediately with a significant sell-off and liquidations that totaled $100 million.

Cryptocurrencies Fall As A Result Of Powell’s Comments

Numerous members of the cryptocurrency world have drawn their own conclusions from Powell’s remarks. This might be interpreted as a sign that stricter controls are being considered by the US government for this industry.

Owing to the widespread anxiety that has been raised around the implementation of new legislation. It represents a large portion of the population as a whole. It is making a concerted effort to liquidate its interests as soon as possible.

The stern tone of the Fed chair has a negative influence on the cryptocurrency market in a variety of different ways. In the first place, it inspires investors to make hasty decisions and sell up their investments.

It resulted in the liquidation of their holdings. Because of the element of surprise and the sense of impending doom that it inevitably instills.

Second, it warns potential investors and traders that the bitcoin market is highly unstable and hazardous. It could make them rethink investing there. That made them think twice about going through with it.

Also, additional regulation has the potential to obstruct the development of the bitcoin business as a whole, which is a major concern.


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