Krutika Adani
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.
Both the memecoins show strong signs of a rally even when Bitcoin struggles to hold $65k.
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.
In addition to their strong on-chain and technical chart aspects, both memecoins have witnessed strong growth in user base and network activity.
Sandbox's $20 million investment could also benefit both these tokens, as the project holds many of these memecoins.