The crypto market has experienced some pretty rough weather over the last two weeks, with Bitcoin failing several times to break above $71,500 before eventually declining to $65,000.
While we can’t say much about what comes next for Bitcoin, the memecoin market seems poised to perform extraordinarily compared to Bitcoin, and Dogecoin and Shiba Inu seem the most poised to benefit.
Here are all the insights from Santiment.
Doge, SHIB More Bullish Than Bitcoin
This week, Shiba Inu and Dogecoin rallied by 3.30% to $0.00001875 and 1.92% to $0.1255 within 24-hour timeframes.
Comparatively, despite its dominance, Bitcoin has been struggling around the $65,000 zone and is currently attempting to maintain its standing around $65,295.
According to insights from the on-chain analytics platform, many cryptocurrencies available on the market are now trading miles below their intrinsic value.
This trend has led to the market being generally undervalued.
An undervalued market
In particular, Santiment’s MVRV indicators have pointed out SHIB and DOGE as particularly bullish.
Further, both of these memecoins are even likely more bullish than Bitcoin itself.
According to Santiment, SHIB’s MVRV stands at -19%, followed closely by DOGE at -16.7%.
This means that we might be seeing an incoming short-term surge for these memecoins, compared to Bitcoin, which lags at -4%.
These indications mean that we can also expect something to happen with Bitcoin, but nothing as sharp or as immediate as Dogecoin or Shiba Inu’s
Adoption as a Price Catalyst
This week, these weren’t the only major developments for Dogecoin and Shiba Inu.
The Sandbox, one of the largest metaverse projects in the world, also announced that it had made investments in several memecoins.
According to The Sandbox’s announcement, the $SAND portfolio has now been expanded to include memecoins like $PEPE, $SHIB, $MEME, $DOGE, $BONK, and $DEGEN.
Although the exact amount of money involved in this acquisition wasn’t revealed, all of these memecoins are expected to introduce “utility to [the sandbox’s] users and the broader memecoin community.”
Moreover, we also had reports of a recent $20 million Sandbox funding round, led by Kingsway Capital and Animoca Brands, with investment from LG Tech Ventures and True Global Ventures.
The Sandbox has 5.7 million crypto-connected user accounts, and over 1,000 user-generated experiences have been created since the Alpha version went live in November 2023.
And all of these factors combined are set to paint a bullish landscape, not only for $SAND but for DOGE and SHIB as well.
Source: voiceofcrypto
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