Meme Coin Analysis: Shiba Inu (SHIB) Shows Potential for Whales
Shiba Inu Price Dip Invites the Whales
The price of Shiba Inu (SHIB), a leading meme coin, has dropped by 19% over the past month. This decline has created a buying opportunity for those looking to trade against the market. As a result, SHIB whales have increased their accumulation and taken advantage of the dip.
Shiba Inu MVRV Ratio Indicates Undervaluation
An on-chain analysis of SHIB's market value to realized value (MVRV) ratios indicates that the meme coin currently offers a buying opportunity. At press time, this metric shows negative values across different moving averages. According to Santiment’s data, SHIB’s 30-day and 90-day MVRV ratios are -1.7 and -24.07, respectively.
- Negative MVRV ratios suggest that SHIB is undervalued
- Current trading conditions attract whale interest
When an asset’s MVRV ratio falls below zero, it indicates that the asset is undervalued, meaning its current price is lower than the average price of all its tokens in circulation. This creates an opportunity for investors looking to capitalize on potential price recovery.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.