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Dogecoin (DOGE) 'Very Bullish,' Recent Report Says; What About SHIB?

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Wed, 19/06/2024 - 10:24
Dogecoin (DOGE) 'Very Bullish,' Recent Report Says; What About SHIB?
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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.”

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.

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.

Related

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.

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