While most of the cryptocurrencies are facing high volatility since June, the Doge-killer, Shiba Inu is enjoying its bullish ride. The reason for such a positive performance is Shiba Inu burn events. The community’s discord channel has claimed that 111 trillion Shiba Inu will be burnt in the next year, 2023.
At the time of reporting, the Shiba Inu is selling at $0.00000138 after a gain of 5.29% over the past 24 hours.
Shiba Inu’s correlation with Bitcoin is 0.25 or 25%, but recently it’s been observed that the meme currency is becoming uncorrelated with Bitcoin. This indicates market fluctuation has not impacted Shibu Inu’s price action.
Cryptocurrencies with low or negative correlation to bitcoin can be useful derivatives for investors looking to broaden their exposure during bitcoin’s lower price action.
When Shibu Inu saw an increase of 35% in August, the meme currency moved away from Bitcoin along with other groups.
A Spike in Shiba Inu Adoptions
Meanwhile, Shiba Eternity, a collectible card game, is set to debut at Gamescom. The world’s biggest gaming festival is expected to see an increase in Shiba Inu adoption as well as a rise in popularity.
New hardware and software are displayed to participants from the corporate and customer industries each year at the gaming exhibition by game publishers and companies.
Also, it should be noted that last week, Shiba Inu saw a 14% drop and SHIB holders are optimistic about the coin’s further performance.
An anonymously known trader and analyst, Shiba Knight has observed an increasing price action in Shiba Inu and predicts recovery in the days to come. Meme coin experts agree that the currency is about to start making a comeback. The meme coin will likely rise as a result of SHIB bulls.
