Top 3 meme coins: Dogecoin, Shiba Inu, PEPE

Dogecoin, Shiba Inu, and PEPE fall Tuesday after rising Monday.
DOGE has lost active addresses since October 10, whereas SHIB and PEPE have increased.

The 30-day MVRV ratio demonstrates that the top 3 meme currencies are overpriced.

Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all fall on Tuesday, partially erasing Monday gains. On-chain data from crypto intelligence platform Santiment suggests a further price correction as DOGE's number of active addresses falls sharply from recent highs and the three meme coins' MVRV ratio (market value to realized value) indicates overvaluation.

On-chain indicators show meme currencies may decrease further.

Active addresses are an on-chain measure that tracks token wallet activity. It indicates coin demand and importance among market players.

Dogecoin's active addresses reached 133,880 on October 10, a six-month high. Santiment data shows the measure has dropped considerably since then.

Dogecoin price hasn't kept pace with the drop. The meme currency dropped 1.7% on October 10, but it has gained 10% since then and is stabilizing around $0.1166 on Tuesday.

Shiba Inu and Pepe's active addresses decreased on October 13 and rebounded marginally. Active addresses for SHIB and PEPE remain below their six-month average.

Market Value to Realized Value (MVRV) determines if a cryptocurrency is cheap or overpriced over time. DOGE, SHIB, and PEPE had positive 30-day MVRVs of 4.93%, 9.47%, and 13.52%. This makes the three meme coins overpriced. Most overpriced meme currency in the top three is PEPE.

Positive MVRV readings may signify a sell signal, increasing token sales on crypto exchange platforms. MVRV spikes have been corrected before.
MVRV

DOGE, SHIB, PEPE 30-day MVRV Ratio. From Santiment.

Santiment shows the three meme currencies' transaction volume at its lowest in 15 days. Dropping transaction volume usually indicates traders losing interest in a currency.

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