The Shiba Inu (SHIB) price has remained lackluster for a while now, with the second-largest meme coin by market cap still below the crucial price level at $0.00002. This unimpressive price action is thanks to several factors, including Bitcoin’s tepid price movement.
Why The Shiba Inu Price Is Down
Shiba Inu’s price has been on a downtrend mainly due to its strong positive price correlation with Bitcoin. Data from the market intelligence platform IntoTheBlock shows that Shiba Inu’s price correlation with Bitcoin is currently at 0.94 and nearing its peak at 1. As such, the meme coin’s price is imitating the flagship crypto’s price action.
Bitcoin has struggled these past few days to hold above the $60,000 support level, and Shiba Inu is also in
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