A new study from on-chain analytics company Santiment looks at the MVRV ratio and finds bullish signals for the two most popular meme cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB).
Based on this metric, lower MVRV values suggest that prices might go up in the short run. Santiment’s research goes beyond Dogecoin and SHIB to include other top 10 cryptocurrencies, such as Bitcoin and several altcoins.
Santiment recently tweeted the 30-day MVRV numbers for seven of the most popular cryptocurrencies, which show how much they are undervalued or overvalued compared to each other.
DOGE And SHIB Market Analysis Update
Notably, DOGE and ADA have very low MVRV values (-16.7% for Dogecoin and -12.6% for Cardano), which means that people are strongly positive and there is a chance for short-term gains. On the other hand, Bitcoin, Ethereum, XRP, and Toncoin all show “mildly bullish” to “neutral” values.
In response to a question about Shiba Inu’s condition, Santiment pointed out that SHIB had the lowest MVRV among large caps, at -19.1%. This meant that investors were even more optimistic than they were about DOGE and ADA.
At the same time, the Shibburn tracking tool showed that Shiba Inu’s burn rate went up by 44.67%, which took 17,259,834 SHIB out of circulation. The platform showed seven burn transactions. The three greatest ones, worth 11,176,306, 5,000,000, and 1,000,000 SHIB each, all came from the same secret wallet.
This measure went up by an immense 12,847% on Tuesday. However, the current 24-hour drop in burn rate is in line with SHIB’s recent 5% recovery after an 11% drop on Monday . According to the most recent news, Shiba Inu is worth $0.00001855.
