The latest analytics report by Santiment, an on-chain data company, suggests that meme cryptocurrencies Dogecoin and Shiba Inu are on an upward trend. According to the report, the Market Value to Realized Value (MVRV) ratio indicates that Dogecoin and Cardano are undervalued, increasing their chances of a short-term price increase. The MVRV of Dogecoin and Cardano stands at -16.7% and -12.6% respectively, which is considered very bullish. Shiba Inu has the lowest MVRV reading among large caps at -19.1%, indicating an even more bullish stance than Dogecoin and Cardano.

The MVRV readings for other top cryptocurrencies, including Bitcoin, Ethereum, XRP, and Toncoin, are mildly bullish and neutral. The report suggests that these cryptocurrencies have a lower chance of a short-term price increase compared to Dogecoin and Shiba Inu. The Shibburn tracking platform reported a 44.67% increase in the Shiba Inu burn rate, with the Shiba Inu community decreasing the circulating amount of Shiba Inu by 17,259,834 meme coins.

The burn rate drop over the past 24 hours coincided with Shiba Inu's attempt to recover by more than 5% after an 11% drop on Monday. At the time of the report, Shiba Inu was trading at $0.00001855. The increase in the burn rate and the decrease in the circulating amount of Shiba Inu suggest that the cryptocurrency is gaining value.

The report by Santiment is significant as it suggests that meme cryptocurrencies are gaining traction. Dogecoin and Shiba Inu have been able to increase their value despite the fluctuations in the market. The report also suggests that the MVRV ratio is a key metric in determining the value of a cryptocurrency.

The increase in the value of Dogecoin and Shiba Inu has been attributed to the efforts of their respective communities. The Shiba Inu community has been able to decrease the circulating amount of Shiba Inu, increasing its value. Similarly, the Dogecoin community has been actively promoting the cryptocurrency, increasing its adoption and value.