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

Bullish Signals for Dogecoin (DOGE) and Shiba Inu (SHIB)

A recent data analysis by Santiment reveals promising indicators for the two popular meme cryptocurrencies, Dogecoin and Shiba Inu. The study utilizes the Market Value to Realized Value (MVRV) ratio as a key metric.

MVRV Ratio Indicates Undervaluation

The MVRV ratio measures the extent to which a cryptocurrency's market capitalization exceeds its realized capitalization. According to Santiment, a lower MVRV ratio suggests a higher likelihood of a near-term price increase.

DOGE and SHIB Show High Bullishness

Santiment's analysis indicates that both DOGE and SHIB have significantly low MVRV ratios of -16.7% and -19.1%, respectively. These values indicate that both coins are currently undervalued and have the potential for short-term price gains.

Other Cryptocurrencies Analyzed

The report also examined the MVRV ratios of other top 10 cryptocurrencies, including Bitcoin, Ethereum, and XRP. These coins exhibited more moderate or neutral readings, suggesting a less pronounced potential for immediate gains.

Shiba Inu Burn Rate Increases

In related news, Shibburn has reported a surge in the burning rate of SHIB. The Shiba Inu community has destroyed over 17 million SHIB tokens, resulting in a decrease in the circulating supply. This trend is seen as a positive factor for the coin's long-term value.

Current Market Data

At the time of writing, Shiba Inu is trading at $0.00001855. The recent burn rate increase and positive MVRV ratio suggest a potential for further price appreciation.