Can correlation to Shiba Inu & Fantom change the fate of this token?

Shiba Fantom [SHIBA]; Shiba Inu [SHIB], and Fantom’s [FTM] name twin has had quite a rough month. Around this time in February, the #8021 ranked token was valued at $0.000000000014. After consistently shedding value for a fortnight, this token attempted climbing back above on its price chart.

In fact, from 24 February to 2 March, Shiba Fantom did fetch its investors with positive returns but re-commenced its downtrend right after. Owing to the bearishness in its market, this Shiba Inu variant was exchanging hands at merely $0.000000000006 at the time of press.

Ties getting stronger?

In the past, it has been observed that SHIBA has been uniquely correlated with the market’s current #40th ranked token, Fantom [FTM]. As such, SHIBA has been harnessing the power of Fantom’s blockchain technology since its inception, and partly because of that, its price movements have been congruent to that of FTM’s.

However, post-Andre Cronje’s crypto departure, things started going downhill for Fantom. In fact, at the time of press, FTM’s price was trading at a 40%+ discount when compared to its $2.07 local peak that was registered during the beginning of this month.

Interestingly, other than a couple of discrepancies noted here and there, even Shiba Inu’s price has been treading along the same directional path over the past month. The same can be evidenced from the chart affixed below.

Now, when both the price charts are viewed in conjunction, the movement congruence of SHIB, FTM, and SHIBA can be noted. Local tops and local bottoms for all three tokens have been registered around the same time. In fact, of late, they’ve been in their respective consolidation phases together too.

Shiba’s stalled clout

Now, even though Shiba Fantom has been able to mirror the movements of two top-tokens, its prospects do not seem to be quite glossy.

Consider the social following itself, for instance. As can be noted from below, this number of Twitter followers witnessed a steep incline in the month of January. However, over the past months, things have cooled down and the curve has flattened.

Even as far as Telegram is concerned, the user count has remained stagnated around the 4k mark.

This essentially means that Shiba Fantom hasn’t been able to maintain its social appeal amongst people from the community. Goes without saying that for a project to thrive, having a strong footprint on social media is a pre-requisite.

Concluding words

To make things worse, since January, this coin has slipped the rankings chart from 4510 to 8021. In effect, its fully diluted market cap reflected a mere value of $644,821 at the time of press.

Thus, given the absence of momentum in the Shiba Fantom market and the malnourished social figures, it becomes important for investors to remain calculative and wary before directing funds towards this token.