According to U.Today, a recent analytics report by on-chain data company Santiment indicates bullish trends for meme cryptocurrencies Dogecoin and Shiba Inu. The report uses the Market Value to Realized Value (MVRV) ratio, a key metric that suggests the lower the MVRV of a cryptocurrency, the higher the likelihood of a short-term price increase.
The report also mentions other top 10 cryptocurrencies, including Bitcoin and several altcoins. The 30-day MVRV of seven of the top ten cryptocurrencies was revealed in a recent tweet by Santiment. This index indicates the degree to which a cryptocurrency is undervalued or overvalued.
The data shows that the MVRV of Dogecoin and Cardano is very low, -16.7% and -12.6% respectively, which the report interprets as 'very bullish'. These two coins have the highest chance of seeing a short-term rise. The MVRV readings for the rest of the cryptocurrencies on the list, including Bitcoin, Ethereum, XRP and Toncoin, are described as 'mildly bullish' and 'neutral'.
In response to a query about Shiba Inu's MVRV reading, Santiment responded that it was -19.1%, the lowest among the large caps, indicating an even more bullish stance than Dogecoin and Cardano.
The Shibburn tracking platform reported a modest increase of 44.67% in the Shiba Inu burn rate. The Shiba Inu community has managed to decrease the circulating amount of Shiba Inu by 17,259,834 meme coins in total. 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 conducted from the same anonymous blockchain wallet.
The current burn rate drop over the past 24 hours coincided with Shiba Inu's attempt to recover by more than 5% after a significant 11% drop on Monday. At the time of the report, Shiba Inu was trading at $0.00001855.