• Dogecoin was in a strong uptrend, while Shiba Inu struggled to breach lower timeframe resistance levels.
• Metrics suggested that SHIB was undervalued and in a network-wide accumulation phase.

Dogecoin [DOGE] surged by 86% from the 20th to the 28th of March. Accumulation by DOGE whales was part of the reason why the meme coin retained its long-term bullish outlook.

Shiba Inu [SHIB] also rallied during the same period, but its gains measured only 38.84%. Was the sentiment behind Dogecoin more bullish?

AMBCrypto took a closer look at some on-chain metrics to understand what April could have in store for the two tokens.

Dogecoin saw a wave of selling pressure, but the bulls shrugged it off

The 30-day MVRV ratio dived into negative territory on the 19th of March. During that time, the mean coin age was trending upward. This signaled that DOGE was likely undervalued. Since then, the price rallied hard.

At press time, the MVRV ratio was at 11%.  The mean coin age fell lower last week, while the dormant circulation also saw a three-month-high.

This was a sign of a large wave of selling that occurred from the 26th to the 28th of March. Dogecoin dropped from $0.225 to $0.201, but quickly rebounded.

The Weighted Sentiment soared when DOGE climbed above $0.185.

At press time, the

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Author: Akashnath S

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