Steve Gregory — the CEO of cryptocurrency and tokenized asset exchange Currency.com — said the firm is seeing a gradual shift from its users holding Bitcoin BTC/USD towards meme coins such as Dogecoin DOGE/USD and Shiba Inu SHIB/USD.
What Happened: Gregory said “people are holding less bitcoin and moving to meme coins like Doge and Shiba.” He theorized the reason could be that those assets are less correlated to traditional markets than Bitcoin.
Gregory noted Dogecoin “is actually one of the top-10 least correlated coins to Bitcoin.” He explained that average correlations for top-100 coins based on the market cap are in the highly correlated area of 0.7 to 0.9 whereas Dogecoin averages “between 0.5 and 0.65.”
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DOGE Price Action: As of press time, Dogecoin is trading at $0.1362 after seeing its price fall by 3.3% over the last 24 hours.
SHIB Price Action: As of press time, Shiba Inu is trading at $0.00002435 after seeing its price decrease by about 1.3% over the last 24 hours.