According to IntoTheBlock, Floki [FLOKI] shares a stronger correlation with Shiba Inu [SHIB] than any other cryptocurrency
The correlation matrix stretches from -1 to +1 and focuses on a crypto’s correlation with others with a high market capitalization. Values closer to -1 indicate that prices rarely move in the same direction.At press time, FLOKI’s price was $0.00014. This was a 5.84% increase in the last 24 hours. SHIB, on the other hand, changed hands at $0.000015. But its price increase was much higher at 15.22%.
Looking at the other parts of their respective ecosystems, it does not seem like the tokens would be able to sustain the hikes. One of the topActive addresses show the number of users actively involved in transaction within a given timeframe. As of this writing, FLOKI’s 24-hour active addresses was down to 432.
For SHIB, it fell to 3511. When this metric falls, it means that interaction with the token is low. If this happens, it also implies that demand for the token is decreasing.was how the prices were growing faster than the network activity. When participation rate is low and prices of tokens increases, it puts the value at risk of dropping.The supply on exchanges measures the number of tokens sent into exchange wallets from external sources.
However, it decrease when holders of a token would rather retire the tokens into self-custody instead of keeping them on exchanges.From a price perspective, this could be detrimental to the memecoin as increase selling could push the token’s value lower. If sustained, the price of FLOKI could drop to $0.00012. Since SHIB had a strong correlation with it, it might also follow in a similar direction.Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shiba Inu’s 17% uptick means THIS for memecoin’s long-term oddsShiba Inu [SHIB], the world’s second-largest memecoin, has displayed a promising comeback after a sharp fall during the last week.
Read more »
Whales abandon Shiba Inu: What’s next for SHIB price?According to AMBCrypto's on-chain analysis, Shiba Inu [SHIB] might find it challenging to recover from its recent
Read more »
Shiba Inu price prediction: Will bears erase all gains made in March?The Shiba Inu price prediction remained bearish as the 78.6% Fibonacci level appeared to give way to the selling pressure.
Read more »
Shiba Inu’s price can reclaim its March highsShiba Inu [SHIB] has been underperforming for multiple days, as both its weekly and daily charts were red. However, investors mustn’t lose...
Read more »
Can Shiba Inu’s aggressive token burns reverse SHIB’s price trend?Shiba Inu has been on the downside since 30th May, with a 41% decline till 21st June. The sudden decline after hitting a record high has...
Read more »
Can Dogecoin, Shiba Inu shake off their double-digit price drops soon?The crypto market was in turmoil last week, and top memecoins like Dogecoin [DOGE] and Shiba Inu [SHIB] were among the most affected.
Read more »