Shiba Inu community forecast a 111 trillion SHIB burn, which spurred holders of SHIB to be bullish.

Over the past two months, a surge in the meme coin has been brought on by the Shiba Inu burn events. The community of SHIB holders remains to be concerned about the burn.

SHIB BPP shared a prediction that 111 trillion Shiba Inu will burn over the course of the next year on the community-focused discord channel for the coin.

In the coming year, according to SHIBQueenie, the community’s Discord channel admin, 111 trillion could be destroyed.

According to CoinMarketCap, SHIB has plunged by 1.99% or is trading at $0.00001305 as of this writing.

Shiba Inu had a modest 0.25, or 25%, 30-day price trend with Bitcoin. One interpretation is that the price of SHIB is becoming increasingly uncorrelated with Bitcoin’s, suggesting that broader market fluctuations have less of an effect on its value.

For comparison, the 30-day correlation between Bitcoin and the stablecoins Tether (USDT), USDC, and Binance USD was 0.21, 0.23, and 0.27, respectively. With a correlation of up to 0.96, other crypto such as Polygon (MATIC) have a robust connection with BTC.

For investors looking to diversify their portfolios in case Bitcoin’s price underperforms, crypto assets with a low or negative correlation to Bitcoin may be helpful hedges.

After seeing a remarkable 35% increase earlier in August, the SHIB price briefly separated itself from Bitcoin and the rest of the group.