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EXCLUSIVE: Crypto Holders Are Shifting From Bitcoin To Dogecoin And Shiba Inu, Exchange Executive Says

Published 22/04/2022, 01:06
© Reuters.  EXCLUSIVE: Crypto Holders Are Shifting From Bitcoin To Dogecoin And Shiba Inu, Exchange Executive Says
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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 (CRYPTO: BTC) towards memecoins such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).

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 market cap are in the highly correlated area of 0.7 to 0.9 whereas Dogecoin averages "between 0.5 and 0.65."

See Also: How To Get Free Crypto

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 $0.00002435 after seeing its price decrease by about 1.3% over the last 24 hours.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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