A recent analytical report published by on-chain data company Santiment reveals “very optimistic” data for the two largest meme cryptocurrencies, Dogecoin and Shiba Inu, based on the key metric, the MVRV ratio.
A recent analytical report published by on-chain data company Santiment reveals “very optimistic” data for the two largest meme cryptocurrencies, Dogecoin and Shiba Inu, based on the key metric, the MVRV ratio.
The report says that the lower a cryptocurrency’s MVRV, the better its chances of enjoying a short-term price bounce in the future. In addition to DOGE and SHIB, the report mentions 10 other top cryptocurrencies: Bitcoin and several altcoins.
DOGE, SHIB, ADA: “Very bullish”
In a recently posted tweet, Santiment revealed the recent 30-day MVRV (market capitalization per realized capitalization) of seven of the top ten cryptocurrencies. This index shows the extent to which a cryptocurrency is undervalued or overvalued.
According to recent data, the MVRV of DOGE and ADA is very low (-16.7% for Dogecoin and -12.6% for Cardano), which basically means “very bullish,” according to the report. These two coins have the highest probability of seeing a short-term increase.
As for the rest of the cryptocurrencies on this list, Bitcoin, Ethereum, XRP and Toncoin, the readings are “slightly bullish” and “neutral.”
When a commenter, apparently a SHIB fan, asked what reading Shiba Inu has here, Santiment responded: “-19.1%, the lowest among these large caps.” This indicates that SHIB’s stance at the moment is even more bullish than DOGE and ADA.
SHIB burns are on the rise
Shibburn Tracking Platform has posted an update to show that the Shiba Inu burn rate has seen a modest 44.67% increase, while the SHIB community has managed to decrease the circulating quantity of Shiba Inu by 17,259,834 meme coins in total.
Yuri MolchanAmong the seven burn transactions recorded by Shibburn, the three largest realized 11,176,306; 5,000,000 and 1,000,000 SHIB. All three transactions were made from the same anonymous blockchain wallet.
On Tuesday, this metric demonstrated a much larger increase, rising by a whopping 12,847%. The current drop in burn rate in the last 24 hours coincided with SHIB’s attempt to recover by over 5% after the massive 11% drop witnessed on Monday.
At the time of writing, Shiba Inu is changing hands at $0.00001855.
