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Dogecoin, Shiba Inu and ApeCoin trade volume spikes as correlation to Bitcoin dwindles

Shiba-Inu-themed meme coins and NFT token ApeCoin have observed increases in their market capitalization and on-chain metrics turned bullish as these tokens diverged from Bitcoin. 




Dogecoin (DOGE), Shiba Inu (SHIB) and ApeCoin (APE) witnessed a decline in their correlation to Bitcoin, catalyzing a recovery in meme coin trade volume.






Correlation matrix meme coins vs Bitcoin




As seen in the matrix above, the correlation between Bitcoin and meme coins has declined, as meme coins diverge from BTC price action. 




The asset is currently flirting with the $30,000 psychological level, awaiting directional bias. Meme coins like DOGE, SHIB and APE have offered opportunities for traders to profit from price volatility in the short term. 






Meme coins diverge from Bitcoin this week




Typically, bullish on-chain metrics like spike in network activity, daily active addresses or social volume are followed by a rally in the asset. 




If the pattern repeats, DOGE, SHIB and APE could record recoveries in their prices as excitement among market participants heats up in the ongoing alt season.






DOGE, SHIB, APE2023.1-2023.7 price trends, Source: TradingView.




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