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  • The MVRV-Z score measurement shows that Shiba Inu remains undervalued with the possibility of a bigger rally ahead.
  • New crypto wallets and large Ethereum whales have been piling up Shiba Inu over the past week.

The world’s second largest memecoin, Shiba Inu (SHIB), has recently been on investors’ radar amid the rally in the broader cryptocurrency market. Like recently reportedShiba Inu (SHIB) has given a strong breakout on the technical chart and is ready to rally another 75% over the next two months.

Citing the MVRV Z-score, cryptanalytic platform and on-chain data provider Santiment also signaled that the Shiba Inu (SHIB) price might be a bit undervalued. This metric typically infers the realized value of the asset – which essentially represents the price of each token when it was last moved relative to the current market value – and then divides the result by the Z-score, which represents the difference between the two values.

In his recently released stats, Santiment noted that current data indicates the assets could easily offset 2022 price declines. He names Shiba Inu (SHIB) along with other cryptocurrencies such as Bitcoin, Ethereum, Cardano, XRP etc among those that are undervalued.

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Since the beginning of 2023, Shiba Inu (SHIB) has already gained more than 40% since the beginning of the year and is currently trading at a price of $0.0000114 with a market of $6.2 billion. Amid recent price gains, Shiba Inu (SHIB) has earned a place among the top fifteen cryptocurrencies by market capitalization.

Shiba Inu Technical Chart

Glancing again at the Shiba Inu technical chart, the crypto SHIB enjoyed a 4-hour price pump on Wednesday with the cryptocurrency printing gains of 22% instantly.

Additionally, memecoin Shiba Inu saw more token listings this week by crypto exchange Upbit where SHIB trades against the Korean Won. Similarly, Australian crypto exchange Cointree has listed the Shiba Inu crypto, which would ultimately lead to greater liquidity for the coin.

With Wednesday’s price pump, the crypto SHIB managed to maintain its upward trend and is currently enjoying support at the price of $0.00001110. However, SHIB bulls must maintain the strength of the rally with sufficient volumes ensuring that the SHIB price does not fall below support levels.

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Courtesy: TradingView

Moreover, data from Nansen shows that Shiba Inu is the most popular asset among all crypto wallets. Nansen data shows that SHIB has increasingly been bought up by entities controlling new crypto wallets. According to NansenSHIB has been acquired by over 12,000 wallets over the past week and has seen $56 million in inflows.

Furthermore, Shiba Inu has also become the most traded cryptocurrency among the big Ethereum whales. These whale keepers have an average of 505 billion total SHIBs. Currently, the number of Shiba Inu (SHIB) owners has reached its all-time high of 1,284,709. Likewise, the total number of SHIB addresses has reached a high of 1,284,449 of which 14,645 are daily active addresses.

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