• Crypto giant says Shiba Inu (SHIB) is highly undervalued and drives its price up by 20%.
• MVRV-Z score metric shows that Shiba Inu remains undervalued with a possibility of a bigger rally ahead.
• New crypto wallets and big Ethereum whales have been accumulating Shiba Inu over the last week.

The world was taken by surprise as the price of Shiba Inu (SHIB) skyrocketed by 20% in a matter of days. This sudden surge was triggered by a statement from a crypto giant claiming that the world’s second-largest memecoin, Shiba Inu (SHIB), was highly undervalued. This statement was backed up by the MVRV-Z score metric, which showed that the asset was still undervalued and could potentially rise even further.

The news of the price surge led to an influx of new crypto wallets interested in buying Shiba Inu (SHIB). This was further amplified by big Ethereum whales who were actively accumulating the asset over the last week. This caused the price of Shiba Inu (SHIB) to double in a single day, reaching a peak of $0.05.

The MVRV-Z score metric is a tool used to identify overvalued and undervalued assets based on short and long-term returns. Crypto analytics platform and on-chain data provider Santiment reported that the current data suggests that Shiba Inu (SHIB) could easily compensate for its 2022 price declines. Other assets listed under the undervalued category include Bitcoin, Ethereum, Cardano, XRP, and Dogecoin.

The crypto giant’s statement and the MVRV-Z score metric have given investors confidence in Shiba Inu (SHIB) and its potential for further growth. Furthermore, the recent rally in the broader cryptocurrency market has also helped fuel Shiba Inu’s rise.

Whether or not Shiba Inu (SHIB) will hit the $0.05 mark remains to be seen, but the recent surge in its price has certainly given investors hope that it could. Follow us for the latest crypto news and stay up to date with the latest developments in the world of digital assets.