As a seasoned crypto investor with a keen interest in meme coins, I’m always keeping an eye on market trends and data from reliable sources like Santiment. The recent report revealing the “very bullish” MVRV ratios for Dogecoin, Shiba Inu, and Cardano has piqued my interest, especially since SHIB is currently showing a lower reading than both DOGE and ADA.
According to a recent analysis by Santiment, the leading on-chain data provider, the MVRV ratio for Dogecoin and Shiba Inu, the two most popular meme cryptocurrencies, indicates “extremely bullish” trends.
According to the report, a lower MVRV (Market Value to Realized Value) ratio for a cryptocurrency increases its likelihood of experiencing a short-term price surge in the future. Besides DOGE and SHIB, some other notable top 10 cryptos are highlighted within the report: Bitcoin and various altcoins.
DOGE, SHIB, ADA: “Very bullish”
In a recent tweet, Santiment disclosed the 30-day MVRV (Market Value to Realized Value) ratios for the seven leading cryptocurrencies as of late. This metric indicates whether a cryptocurrency is currently underpriced or overvalued in relation to its realized value.
Based on current data, the MVRV (Market Value to Realized Value) ratios for Dogecoin and Cardano stand at -16.7% and -12.6%, respectively. This implies a “very bullish” outlook as per the report, increasing their chances for a short-term price surge.
From my perspective as a researcher, the outlook for the remaining cryptocurrencies – Bitcoin, Ethereum, XRP, and Toncoin – can be described as follows: Bitcoin and Ethereum exhibit somewhat positive signs, which I would classify as “mildly bullish.” On the other hand, the readings for XRP and Toncoin are less definitive, leaning more towards a “neutral” stance.
The SHIB supporter inquired about the significance of reading the current information regarding Shiba Inu. In response, Santiment explained that SHIB’s value had decreased by 19.1%, which was the lowest among Dogecoin (DOGE) and Cardano (ADA) among the larger cryptocurrencies. This implies that despite the recent downturn in SHIB’s price, its optimistic outlook remains more robust than for DOGE and ADA.
-19.1%, lowest among these large caps 👍
— Santiment (@santimentfeed) June 19, 2024
SHIB burns on rise
The Shibburn monitoring system has released new information indicating that the pace at which Shiba Inu tokens are being burned has risen by 44.67%. Simultaneously, the SHIB community has successfully reduced the number of circulating Shiba Inu meme coins by a total of 17,259,834.
Out of the seven burn transactions recorded on Shibburn, the top three transfers involved the disposal of 11,176,306, 5,000,000, and 1,000,000 SHIB tokens respectively. Notably, these transactions originated from a solitary anonymous blockchain wallet.
On Tuesday, this metric experienced a staggering surge, jumping up an impressive 12,847%. Meanwhile, the recent decrease in the current burn rate occurred concurrently with SHIB‘s effort to bounce back by over 5%, following its substantial 11% dip on Monday.
At the time of this writing, Shiba Inu is changing hands at $0.00001855.
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2024-06-19 13:40