Since the second week of July, Shiba Inu’s correlation with Bitcoin has started deteriorating. From a high of 0.88 created on July 9, this metric’s reading kept shrinking. On July 23, it slipped into negative territory, nullifying SHIB’s bond with BTC. At press time, the number was hovering around the brink of -0.2.
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With the Bitcoin market poised for a correction, the negative correlation could prove to be handy for Shiba Inu. On the technical front, SHIB has broken above the upper trendline of its descending channel. Parallelly, the asset is also trading above its SMA on the weekly timeframe, giving it another positional advantage. Along with these two bullish moves, there is another interesting tangent associated. The current level around which SHIB is trading has proven to be strong support for the asset. Since 2022, SHIB has initiated two 100%+ rallies from this particular level.
Thus, given the bullish breakout, and the historically strong support, Shiba Inu is making a strong case for a rebound. However, it should be noted that the market currently is devoid of buying pressure. Therefore, a rally straight off the bat has fairly less odds.
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How much to invest now to become a Shiba Inu millionaire at $0.001?
At the moment, Shiba Inu is trading with five zeros. Even so, the community continues to believe that SHIB will eventually reach $0.001 over the long term. Given that SHIB is currently priced at $0.000007835, an investor will need to invest $7835 to become a millionaire when SHIB appreciates all the way to $0.001.
In terms of the number of SHIB tokens, an investor will have to buy around 1 billion tokens. So, when SHIB’s price eventually hits $0.001, the 1 billion SHIB tokens will be worth $1 million.
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