A recent analytics report published by on-chain data company Santiment reveals “very bullish” 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 the MVRV of a cryptocurrency, the higher the chance it has of enjoying a short-term price bounce in the future. Aside from DOGE and SHIB, the report mentions several other top 10 cryptocurrencies: Bitcoin and several altcoins.
DOGE, SHIB, ADA: "Very bullish"
In a recently published tweet, Santiment revealed the recent 30-day MVRV (Market Capitalization by the Realized Capitalization) of seven of the top ten cryptocurrencies. This index shows to what degree a cryptocurrency is undervalued or overvalued.
According to the 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,” the report says. These two coins have the highest chance of seeing a short-term rise.
As for the rest of the cryptocurrencies on this list, Bitcoin, Ethereum, XRP and Toncoin, the readings are “mildly bullish” and “neutral.”
🐂 The lower a cryptocurrency's 30-day MVRV is, the higher the likelihood we see a short-term bounce:Bitcoin: -4.0% (Mild Bullish)Ethereum: -4.3% (Mild Bullish)XRP: -3.5% (Mild Bullish)Dogecoin: -16.7% (Very Bullish)Toncoin: -0.6% (Neutral)Cardano: -12.6% (Very Bullish) pic.twitter.com/zHGg4t3qo1
— Santiment (@santimentfeed) June 19, 2024
When a commentator, apparently a SHIB fan, asked what reading here has Shiba Inu, Santiment responded: “-19.1%, lowest among these large caps.” This indicates that SHIB’s stance at the moment is even more bullish than for DOGE and ADA.
-19.1%, lowest among these large caps 👍
— Santiment (@santimentfeed) June 19, 2024
SHIB burns on rise
Shibburn tracking platform has published an update to show that the Shiba Inu burn rate has staged a modest increase of 44.67%, while the SHIB community has managed to decrease the circulating amount of Shiba Inu by 17,259,834 meme coins in total.
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Among the seven burn transactions registered by Shibburn, the three largest ones carried 11,176,306; 5,000,000 and 1,000,000 SHIB. All three of these transactions were conducted from the same anonymous blockchain wallet.
On Tuesday, this metric demonstrated a much bigger increase, rising by a whopping 12,847%. The current burn rate drop over the past 24 hours coincided with SHIB’s attempt to recover by more than 5% after the massive 11% drop witnessed on Monday.
At the time of this writing, Shiba Inu is changing hands at $0.00001855.