Dogecoin Shows Bullish Signs, XRP Community Reacts to SEC Decision, Nvidia's Rise Deemed Bearish for Bitcoin

According to U.Today, a recent report by Santiment on-chain data company indicates a bullish trend for Dogecoin (DOGE). The report analyzed the 30-day MVRV (Market Capitalization by the Realized Capitalization) of six top cryptocurrencies, including Dogecoin and Shiba Inu. The lower the MVRV of a cryptocurrency, the higher the likelihood of a short-term price increase. Dogecoin had the lowest MVRV at -16.7%, indicating a 'very bullish' trend. ADA followed with -12.6%, while Bitcoin, Ethereum, XRP, and Toncoin showed 'neutral' and 'mildly bullish' readings. In other news, the XRP community has expressed discontent following the SEC's recent decision regarding Ethereum. Consensys announced that the SEC has concluded its investigation into Ethereum, a development seen as a significant victory for the second-largest digital asset and the entire crypto industry. However, the XRP community has not celebrated this news due to the ongoing 'feud' between XRP and ETH, known as 'ETHGate.' This feud stems from the alleged preferential treatment Ethereum received from the SEC at the expense of XRP and other cryptocurrencies. XRP enthusiast and attorney Bill Morgan criticized the SEC's prioritization of ETH, stating that the different treatment of Ethereum and Ripple demonstrates the SEC's arbitrary approach to crypto. Lastly, Nvidia, an American tech company known for its advanced GPU microchips, recently surpassed Microsoft to become the world's largest public company by market capitalization. Bitcoin critic Peter Schiff used this news to argue that Nvidia's rise is bearish for Bitcoin. Schiff pointed out that Nvidia's GPUs contain 'from .1 to .3 grams of gold,' but 'zero sats.' He further argued that Bitcoin needs gold for GPU mining, stating, 'Bitcoin needs gold. Gold does not need Bitcoin. Nothing needs Bitcoin.'