Steve Gregory — the CEO of cryptocurrency and tokenized asset change Currency.com — mentioned the agency is seeing a gradual shift from its customers holding Bitcoin BTC/USD in direction of memecoins corresponding to Dogecoin DOGE/USD and Shiba Inu SHIB/USD.
What Happened: Gregory mentioned “persons are holding much less bitcoin and transferring to meme cash like Doge and Shiba.” He theorized the explanation might be that these property are much less correlated to conventional markets than Bitcoin.
Gregory famous Dogecoin “is definitely one of many top-10 least correlated cash to Bitcoin.” He defined that common correlations for top-100 cash primarily based on market cap are within the extremely correlated space of 0.7 to 0.9 whereas Dogecoin averages “between 0.5 and 0.65.”
DOGE Price Action: As of press time, Dogecoin is buying and selling at $0.1362 after seeing its worth fall by 3.3% over the past 24 hours.
SHIB Price Action: As of press time, Shiba Inu is buying and selling $0.00002435 after seeing its worth lower by about 1.3% over the past 24 hours.