Analyzing why Shiba Inu [SHIB] remained undervalued despite 37% gains

On-chain data showed that Shiba Inu was an undervalued token despite its latest uptick. The activities of Ethereum whales suggested that SHIB could be a long-term play. Shiba Inu’s [SHIB] performance in the last 30 days seemed to have erased the memories of the memecoin’s abysmal performance in 2022. During the said period, SHIB recorded […]

The activities of Ethereum whales suggested that SHIB could be a long-term play.

performance in the last 30 days seemed to have erased the memories of the memecoin’s abysmal performance in 2022. During the said period, SHIB recorded gains of 37.06%.Despite the uptick, the token was still 86.58% down from its All-Time High . Moreover, in the last 365 days, SHIB’s performance was at a 57.96% decline.The condition of SHIB’s long-term value falter could be one reason why many still considered the memecoin as an undervalued asset.

According to Santiment, SHIB’s Market Value to Realized Value z-score was -1.859. The MVRV z-score assessed the deviation between the market and realized cap while providing the overvalued or undervalued state of an asset.that the token was undervalued. In action, the current value of $0.000011 was closer to the bottom than it was hitting the top.On the technical side, the daily chart showed that SHIB could sustain the price increase it had experienced in the past few weeks.

In the longer timeframe, the 200 EMA positioned over the 20 and 50 EMAs. Also, the Chaikin Money Flow WAS 0.07. Although it decreased from the previous day, the CMF value signaled that SHIB’s volume was impressive and accumulation was relatively great. Hence, SHIB’s price action could close above the negative region if the CMF trend could hold its position.At the time of writing, SHIB was the most traded token by the top 100

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ETH whales start favoring Shiba Inu, but can it sustain the rally?ETH traders maintained a healthy appetite for SHIB at a critical time. SHIB experienced a strong surge, but the bears might be right around the corner. Shiba Inu [SHIB] is having one of its most important weeks in the recent past, mostly courtesy of Shibarium. This may have renewed investor interest, triggering more demand, which […]
Read more »

Will Optimism’s [OP] upgrades be enough to sustain the L2 race? Analyzing…Optimism’s TVL lagged behind Arbitrum despite upgrades to protocol. Synthetix adoption drove transaction growth on Optimism, but daily active address suggested a decline in overall activity. Despite Optimism [OP] having the first mover advantage in the Layer 2 solutions space, newer solutions such as Arbitrum have outperformed the former in terms of Total Value Locked […]
Read more »

Solid gains for gold on bullish charts, some safe-haven buyingSenior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
Read more »

Reed Hastings steps down as Netflix CEO as company posts subscriber gainsNetflix shares rise in after-hours trading after CEO Reed Hastings steps down
Read more »

Cosmos [ATOM]: Extra gains could be likely if this support holdsDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion ATOM could post extra gains to investors. Sentiment improved, and trading volume increased slightly. Cosmos [ATOM] posted over 55% gains during its rally between mid-December 2022 and mid-January 2023. It rose from $8.496 to […]
Read more »