Despite some less-than-exciting developments in recent days amid falling prices, indicators are suggesting an epic comeback for the memecoin Shiba Inu (SHIB).

The meme cryptocurrency could be a strong candidate to experience a significant recovery in its value if an important indicator related to network data becomes a reality.

Data from the cryptocurrency analysis platform, Santiment, placed Shiba Inu as one of the major crypto assets on the market that is currently in undervalued territory. The company’s survey was based on the MVRV Z-Score metric.

According to analysts on the Santiment platform, who observed the current market scenario, the Shiba Inu memecoin is underbought and its MVRV Z-Score is indicating undervaluation. Practically speaking, this movement indicates that traders are holding the cryptocurrency at a loss.

“According to the MVRV Z-Score, which identifies overvalued and undervalued assets based on average trader returns, the main limits are in the following categories: Overbought: Toncoin, Bitcoin, Ethereum. Underbought: Uniswap, Shiba Inu,” he wrote.

Historically, periods of undervaluation of cryptocurrencies have been followed by very significant price recoveries.

At the time of publication, the price of Shiba Inu was quoted at $0.00001702 with a decline of 0.9% in the last 24 hours.

Coinbase begins move to list SHIB, AVAX and other cryptocurrencies futures

One of the industry’s leading cryptocurrency exchanges, Coinbase, has begun a major move to add futures related to popular altcoins to its derivatives exchange, according to an announcement on June 28.

In a significant development in support of the measure, the exchange introduced five new futures product registrations linked to the cryptocurrencies Polkadot (DOT), Shiba Inu (SHIB), Stellar (XLM), Avalanche (AVAX) and Chainlink (LINK) to Commodity Futures Trading Commission (CFTC), according to information contained on the company’s website. The exchange’s estimated date for trading the products is July 15th.

Disclaimer:

The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.

Source: https://portalcripto.com.br/indicadores-sugerem-retorno-epico-da-memecoin-shiba-inu-shib/



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