The cryptocurrency market has slightly recovered after the recent bloodbath. Several assets are getting back on track and making profits. Large-cap assets such as Shiba Inu [SHIB] and Dogecoin [DOGE] are leading this recovery. At press time, SHIB is trading at $0.00001875, up 3.30% in the past 24 hours. DOGE is trading at $0.1255, up 1.92%. However, Bitcoin [BTC] is barely making profits as it continues to trade at $65,295.

Santiment, a popular on-chain analytics firm, revealed that most assets in the market are currently undervalued. This means that these cryptocurrencies are trading below their intrinsic value. Using the MVRV metric, Santiment said that Shiba Inu and Dogecoin are the most bullish assets. Bitcoin is also bullish, but the meme coin is considered more profitable than BTC.

The firm also noted that assets with lower 30-day MVRV are more likely to see short-term spikes. SHIB’s MVRV is currently -19%, with DOGE following closely at -16.7%. Bitcoin has fallen all the way back, down negative 4%.

Will adoption boost the price of Shiba Inu and Dogecoin?

Earlier today, The SandBox, a well-known metaverse gaming company, released a positive statement about meme coins on X [formerly Twitter]. The company revealed that it now has Shiba Inu, Dogecoin, Pepe Coin [PEPE], and similar meme coins. This news brings hope to the meme coin market. The adoption of Shiba Inu and Dogecoin could be boosted significantly.

Both Shibacoin and Dogecoin have had bad luck over the past few days. Shibacoin has been hit the hardest, falling by about 15% over the last week. But the above news along with the current market conditions could push the price of the meme coin higher in the coming days.