A new report by on-chain analytics firm Santiment reveals “very bullish” positions for Dogecoin (DOGE), Shiba Inu (SHIB), and Cardano’s ADA, based on the market value to realized value (MVRV) metric.
DOGE, SHIB, and ADA: MVRV Metric Indicates Extreme Bullishness
Santiment’s report highlights that a lower MVRV ratio for a crypto asset indicates a higher potential for a short-term price surge. Recent data shows that DOGE, SHIB, and ADA are positioned for potential upward movements.
Key Findings from Santiment’s Analysis
The crypto market recently experienced a significant dip, with nearly half a billion in various assets liquidated within hours. Despite this, a key metric for Dogecoin and Shiba Inu suggests these altcoins may soon see substantial gains.
In a recent post on X (formerly Twitter), Santiment shared the 30-day MVRV of seven of the top ten largest cryptocurrencies by market cap, indicating whether a cryptocurrency is undervalued or overvalued.
Dogecoin (DOGE) and Cardano (ADA) Show Strong Bullish Signals
Dogecoin (DOGE) MVRV ratio at -16.7%
Cardano (ADA) MVRV ratio at -12.6%
Santiment’s analysis shows that these low MVRV ratios for DOGE and ADA suggest high potential for short-term price rallies.
Shiba Inu (SHIB) Shows Even Greater Bullish Potential
When asked about Shiba Inu’s MVRV ratio, Santiment responded that it stands at -19.1%, the lowest among large-cap cryptocurrencies. This indicates that SHIB has an even greater bullish potential compared to DOGE and ADA.
Current Market Prices and Movements
At the time of writing:
DOGE: Valued at $0.1233, up 3.5% on the day
ADA: Valued at $0.3873, up 4.4% over the last 24 hours
SHIB: Valued at $0.00001831, up 3.8% in the same timeframe
Market Outlook and SEC Developments
The crypto market is also awaiting signals from the United States Securities and Exchange Commission (SEC) regarding the fate of spot Ether exchange-traded funds (ETFs). Analysts predict these ETFs could start trading early next month, which could further influence market movements.
This bullish sentiment for DOGE, SHIB, and ADA, as indicated by the MVRV metric, suggests that these cryptocurrencies are positioned for potential gains, making them assets to watch in the coming weeks.