The cryptocurrency market saw a slight recovery following its recent bloodbath. Several assets were getting back on track and were pocketing gains. Large-cap assets like Shiba Inu [SHIB] and Dogecoin [DOGE] were leading this recovery. At press time, SHIB was trading at $0.00001875 following a 3.30% rise in the past 24 hours. DOGE was priced at $0.1255 with a 1.92% increase. Bitcoin [BTC], however, barely pocketed profits as it continued trading at $65,295.
Santiment, a popular on-chain analytics firm revealed that most assets in the market were currently undervalued. This means that these cryptocurrencies were trading at a lower price than their inherent value. Using the MVRV indicator, Santiment said that Shiba Inu and Dogecoin were the most bullish assets. Bitcoin is also bullish, but the meme coins were considered more profitable than BTC.
Also Read: Rags to Riches: Shiba Inu Made $1,000 Turn into $10 Million
The firm also noted that assets with a lower 30-day MVRV have a higher chance of recording a short-term surge. SHIB’s MVRV currently stands at -19% and DOGE is right behind with -16.7%. Bitcoin was all the way back with a negative 4%.
Is Adoption Boosting The Price of Shiba Inu and Dogecoin?
Earlier today, The SandBox, a prominent metaverse gaming firm took to X [formerly Twitter] to make a positive announcement about meme coins. The company revealed that it now possesses Shiba Inu, Dogecoin, Pepe Coin [PEPE], and similar meme coins. This news brings back hope in the meme coin market. Shiba Inu and Dogecoin will likely see a spike in adoption.
Over the past few days, Shiba Inu and Dogecoin both had a run of bad luck. SHIB suffered the most, falling by about 15% in the previous week. But the above news along with current market conditions may push the price of the meme coins in the coming days.
Also Read: Are Investors Giving up on Dogecoin & Shiba Inu Amidst Major Drop?
