- The MVRV-Z score metric shows that Shiba Inu remains undervalued with a possibility of a bigger rally ahead.
- New crypto wallets and big Ethereum whales have been accumulating Shiba Inu over the last week.
The world’s second-largest memecoin Shiba Inu (SHIB) has been recently on investors’ radar amid the rally in the broader cryptocurrency market. As recently reported, Shiba Inu (SHIB) has given a strong breakout on the technical chart and is ready to rally another 75 percent over the next two months.
Citing the MVRV Z-score, crypto analytics platform and on-chain data provider Santiment also reported that the price of Shiba Inu (SHIB) could be a bit undervalued. This metric usually deducts the asset’s realized value – which basically represents the price of each token when it was last moved from the present market value- and later divides the result by the Z score, which represents the deviation between both values.
In its recently reported stats, Santiment noted that the current data indicates that the assets could easily compensate for 2022 price declines. It names Shiba Inu (SHIB) along with other cryptocurrencies such as Bitcoin, Ethereum, Cardano, XRP, etc. among those that are undervalued.
📊 According to MVRV Z-Score, which identifies overvalued and undervalued assets based on short & long term returns, top caps are in the following categories:
🤔 Overvalued: $BNB
😏 Undervalued: $BTC, $ETH, $XRP, $ADA, $DOGE, $MATIC, $SHIB, $UNI, $LINKhttps://t.co/52bMDRyqqn pic.twitter.com/hBURjNZOLV— Santiment (@santimentfeed) January 20, 2023
Since the beginning of 2023, Shiba Inu (SHIB) has already gained more than 40% year-to-date and is currently trading at a price of $0.0000114 with a market of $6.2 billion. Amid the recent price gains, Shiba Inu (SHIB) has made a place for itself among the top fifteen cryptocurrencies by market cap.
Shiba Inu Technical Chart
Taking a look at the technical chart for Shiba Inu once again, the SHIB crypto enjoyed a 4-hour price pump on Wednesday with the cryptocurrency printing 22% gains instantly.
Furthermore, memecoin Shiba Inu has seen more token listings this week by crypto exchange Upbit where SHIB is trading against the Korean won. Similarly, the Australian crypto exchange Cointree listed the Shiba Inu crypto which would ultimately result in greater liquidity for the coin.
With Wednesday’s price pump, the SHIB crypto has managed to maintain its upward trend and currently has support at the $0.00001110 price point. However, the SHIB bulls need to maintain the strength of the rally with sufficient volumes ensuring that the SHIB price doesn’t fall below the support levels.
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Courtesy: TradingView
Furthermore, data from Nansen shows that Shiba Inu is the most popular asset among all the crypto wallets. the Nansen data shows that SHIB has been increasingly purchased by entities controlling the new crypto wallets. As per Nansen, SHIB was acquired by more than 12,000 wallets over the last week with them witnessing $56 million worth of inflows.
Besides, Shiba Inu has also emerged as the most-traded cryptocurrency among the large Ethereum whales. These whale holders have an average of 505 billion SHIB in total. Currently, the holder count for Shiba Inu (SHIB) has surged to its all-time high of 1,284,709. Similarly, SHIB’s total addresses soared to a high of 1,284,449 of which 14,645 are daily active addresses.
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