Shiba Inu and Dogecoin More Bullish Than Bitcoin

Krutika Adani

Bullish Signs Emerge

Renewed bullishness has again emerged in the case of Shiba Inu and Dogecoin after the two top memecoins failed to rally in June despite supportive technical charts.

Bitcoin’s Price Struggles To Hold $65K

Both the memecoins show strong signs of a rally even when Bitcoin struggles to hold $65k.

On Chain Data

The MVRV indicator for Shiba Inu (-19%) and Dogecoin (-16.7%) shows that both cryptocurrencies are grossly undervalued. The lower the MVRV, the higher the chances of a rally for the given crypto.

Strong Dogecoin and Shiba Inu Fundamentals

In addition to their strong on-chain and technical chart aspects, both memecoins have witnessed strong growth in user base and network activity.

Unexpected Help From Sandbox

Sandbox's $20 million investment could also benefit both these tokens, as the project holds many of these memecoins.