Dogecoin (DOGE) \'very bullish,\' recent report says

In a recent X post, Santiment on-chain data company shared a report on the recent 30-day MVRV (Market Capitalization by the Realized Capitalization) of six of the top 10 cryptocurrencies, including popular dog-themed meme coins, Dogecoin and Shiba Inu.

Top crypto stories over the past 24 hours: Dogecoin (DOGE) "very bullish," recent report says, XRP community outraged by SEC decision, Schiff claims Nvidia’s rise is bearish for Bitcoin.

Dogecoin (DOGE) meme coin is currently trading at a "very bullish" level, a recent report by Santiment on-chain data company reveals.

In a recent post, Santiment shared a report on the recent 30-day MVRV (Market Capitalization by the Realized Capitalization) of six top 10 cryptocurrencies, including popular dog-themed meme coins, Dogecoin and Shiba Inu. As explained in the report, the lower the MVRV of a cryptocurrency, the higher the chance it has of enjoying a short-term price bounce in the future.

The lowest MVRV was spotted for Dogecoin, -16.7%, which basically means "very bullish"; the second crypto after DOGE in terms of "bullishness" is ADA, with -12.6%. The readings for the remaining cryptocurrencies on this list — Bitcoin, Ethereum, XRP and Toncoin — are "neutral" and "mildly bullish."

The XRP community is not celebrating the SEC decision as enthusiastically as others, despite the fact that the SEC has concluded its investigation into Ethereum.

According to a recent announcement by Consensys, the SEC has wrapped up its investigation into Ethereum. Even though this development is a major win for both the second-largest digital asset and the entire crypto industry, the XRP community is not celebrating it as vividly as the others.

The reason for this lies in the long-standing "feud" between XRP and ETH, stemming from so-called "ETHGate," or the alleged preferential treatment that Ethereum received from the SEC at the expense of XRP and other cryptos. XRP enthusiast and attorney Bill Morgan voiced his disapproval of the SEC's prioritization of ETH in a recent post, noting that this is Ethereum's second "free pass" from the regulator.

"Ethereum’s and Ripple’s different treatment will forever show how arbitrary the SEC has been in crypto," Morgan stated.

Prominent Bitcoin critic pours cold water on the flagship crypto after Nvidia became the world's biggest public company by market capitalization.

On Tuesday, June 18, Nvidia, an American tech company known for its advanced GPU microchips, was reported to become the world’s biggest public company by market capitalization, surpassing Microsoft. Following the achievement, Schiff used this breaking news as another opportunity to pour cold water on the flagship crypto.

Schiff took to his Twitter handle to argue that Nvidia's surge is in fact bearish for Bitcoin, pointing out the largest crypto's lack of utility. As proof, he wrote that Nvidia's GPUs contain "from .1 to .3 grams of gold," but "zero sats." Moreover, Schiff said that Bitcoin actually needs gold due to GPU mining: "Bitcoin needs gold. Gold does not need Bitcoin. Nothing needs Bitcoin," he said.

News source：https://www.kdj.com/cryptocurrencies-news/articles/dogecoin-doge-bullish-report.html

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