Shiba Inu (SHIB) loses crucial support amid market-wide liquidations
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A glimmer of hope in this ongoing correction remains the correlation of Shiba Inu with Bitcoin. Data from crypto analytics platform IntoTheBlock pegged Shiba Inu’s correlation at 0.93, a figure that implies any important shift in trend in Bitcoin may trigger a corresponding surge in Shiba Inu.Besides the general market momentum that might prove favorable when the Bitcoin tide changes direction, Shiba Inu also boasts trusted growth catalysts it can invoke moving forward.
One of these showcased by IntoTheBlock is the hodlers’ balance, which has jumped by 0.145 to more than $19 billion in the past seven days. This metric shows that despite the price slump, many investors are still holding onto their bags, implying confidence in the meme coin.by sending it to smart contracts has also grown remarkably in recent times, underscoring the community’s concerted efforts to shrink the supply to boost valuation in the long term.
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