Santiment: SHIB Coin and These 2 Altcoins Are Very Bullish!

The cryptocurrency market continues to fluctuate back and forth. The buzz around the dominant altcoin Ethereum has helped fuel some recovery in the market. The latest report from on-chain analytics platform Santiment shows that DOGE and ADA are currently in a ‘very bullish’ position relative to the underlying metric. However, compared to Santiment, SHIB Coin has a better stance.

According to the analytics platform, DOGE and ADA may jump!

A new analysis report from on-chain information company Santiment reveals that the two largest chest coins, Dogecoin (DOGE) and Shiba Inu (SHIB Coin), are “very bullish” based on their MVRV ratio. The report says that the lower the MVRV of a cryptocurrency, the higher its chances of experiencing a short-term price bounce in the future. In addition to DOGE and SHIB, the report also mentions several other cryptocurrencies in the top 10.

In a recent post, Santiment announced the last 30-day MVRV (Market Capitalization Relative to Actual Capitalization) of seven of the top ten cryptocurrencies. This index shows the extent to which a cryptocurrency is undervalued or too expensive. According to the latest data in the report, the MVRV of DOGE and ADA is very low. This rate is -16.7% for Dogecoin and -12.6% for Cardano. The analytics platform states that this basically means “very bullish”. These two coins are among the coins with the highest chance of seeing a short-term rise. As for the other cryptocurrencies on this list, Bitcoin, Ethereum, XRP, and Toncoin, the information is “slightly bullish” and “neutral.”

Santiment: SHIB Coin is much more bullish!

One commenter, apparently a SHIB Coin fan, wonders how the Shiba Inu is doing here. When asked about this, Santiment replied: -19.1%. This rate is the lowest among these large capitals. Therefore, this shows that SHIB’s current stance is even more bullish compared to DOGE and ADA.

Mysterious 100 million DOGE transfer as DOGE recovers

A remarkable event took place in the Dogecoin world. In this regard, approximately 100 million Dogecoins worth approximately $12 million were transferred to the wallet of the US broker Robinhood. According to whale watcher Whale Alert, address “DF8jR”, which has previously made more than 1,300 DOGE transactions and still holds 1.85 million tokens, made this transaction. This transfer represented approximately 99% of the address’s balance.

The timing of this transfer is different. Because the price of Dogecoin seems to be recovering after dropping to $0.113. cryptokoin.com As you follow from , DOGE has been declining for the past four weeks. However, it has shown signs of recovery recently. The brand new chest coin was trading at $0.1241 at the time of writing. This price action is in line with a general market trend where many cryptocurrencies are experiencing a relief rally.