Top 3 meme coins Dogecoin, Shiba Inu, Pepe: On-chain metrics show undervalued valuations amid rising activity
- Dogecoin, Shiba Inu, and Pepe registered an increase in on-chain activity in the first two days of September.
- The MVRV ratio shows the top three meme coins continue to remain undervalued in the 30-day time frame.
- Meme tokens see slight gains on Monday as whales slow down DOGE, SHIB, and PEPE transfers.
Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) prices rise slightly on Monday. The three meme coins’ on-chain activity shows a slowdown in whale activity, while DOGE, SHIB, and PEPE remain undervalued.
Traders looking for an entry into the meme coin could open a position in DOGE, SHIB, and PEPE as the assets remain undervalued.
DOGE, SHIB, and PEPE on-chain metrics show potential for gains
Data from crypto intelligence tracker Santiment shows that the active addresses in a 24-hour time frame for DOGE, SHIB, and PEPE climbed since August 31. In the first two days of September, DOGE and PEPE active addresses climbed, and SHIB remained nearly the same, as seen in the chart below.
The rise in active addresses is a sign of interest from market participants and higher activity from the asset holders.
 [12.24.47, 02 Sep, 2024]-638608703419869312.png)
DOGE, SHIB, and PEPE active addresses
Market Value to Realized Value (MVRV), an indicator used to ascertain whether an asset is overvalued or undervalued in a given timeframe, shows all three assets are undervalued. DOGE, SHIB, and PEPE MVRV are -5.859%, -3.263%, and -7.644%, respectively.
Traders waiting to buy these assets could consider opening a position in DOGE, SHIB, or PEPE while the asset is undervalued. The prices of the DOGE and SHIB are nearly 12% below their value in the last seven days, per TradingView data. PEPE erased nearly 20% of its value in the same period.
As of Monday, DOGE, SHIB, and PEPE gain 1.18%, 1.52%, and 2.52% on the day.
 [12.26.07, 02 Sep, 2024]-638608703688829698.png)
MVRV for DOGE, SHIB and PEPE
Whale transactions valued at $100,000 and higher are used to identify whether large-volume transfers occur. This metric is combined with Network Realized Profit/Loss, an indicator that tracks the net profit/loss of all coins traded on a given day. However, Santiment data shows a decline in whale transactions since August 1.
Between August 1 and September 1, a 30-day time period, whale transfers for all three meme coins took a hit. This shows large wallet addresses have reduced their activity, and there is likely a decline in interest among investors.
 [12.30.00, 02 Sep, 2024]-638608703972438124.png)
Whale transaction count for DOGE, SHIB and PEPE
Dogecoin trades at $0.09609, SHIB at $0.00001336, and PEPE is changing hands at $0.00000730 at the time of writing.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
