Dogecoin, Shiba Inu, ApeCoin, PEPE Finally Decoupling From Bitcoin?
Crypto News: Altcoins Dogecoin (DOGE), Shiba Inu (SHIB), ApeCoin (APE), and PEPE Coin have been showing strong resilience away from the Bitcoin correlation, in what could be a sign of increased market volatility in the crypto market in days to come. This comes amid the continuation of Bitcoin price in sideways path around the $30,000 mark. It remains to be seen if an altcoin rally will turn out to be a market moving development.
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While Shiba Inu (SHIB) is nearing the upcoming Shibarium launch, Dogecoin (DOGE) price has been on the rise recently after Elon Musk broke silence over the speculation of an X coin for payments on the social media platform. Earlier, CoinGape reported that crypto exchange Binance announced plans to launch Dogecoin weekly options in Tether (USDT) pair.
Bitcoin Decoupling: What Next
According to Santiment data, Dogecoin, Shiba Inu, ApeCoin and PEPE have temporarily decoupled from not just Bitcoin but also the altcoin category, earlier on Saturday, August 12, 2023. While the price rallies in these cryptocurrencies could be independent from each other, there could slow and steady repercussions on Bitcoin trading as this could be a sign of deviation to the popular altcoins.
“There have been notable price ascensions from popular memecoins. $DOGE, $SHIB, $APE, and $PEPE have all temporarily decoupled from $BTC and the altcoin pack.”
It should also be noted that the spot Bitcoin ETF filing related developments are not expected from the U.S. Securities and Exchange Commission (SEC) anytime soon. The next deadlines for Bitcoin ETF decisions, including for the Blackrock filing, are lined up in the first week of September 2023. Hence, it remains to be seen if the share of Bitcoin market cap among the top cryptocurrencies could see a temporary dip in coming weeks.
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