DOGE MVRV Hints Undervaluation as SHIB & PEPE Stay Bearish

Memecoins have generally been characterized by large fluctuations, often due to the crowd hype and shifting crowd sentimental per Santiment. In the past few months, the market performance of certain tokens, particularly DOGE, SHIB, and PEPE, has been volatile and unprecedented.

Investors have cautiously viewed these assets because of their high number of followers. Some of the indicators that can be used to look for possible future variations include the Market Value to Realized Value (MVRV) ratios and social metrics.

Dogecoin, a leading memecoin, has seen its price fluctuate significantly. As of press time, it is priced at $0.1002 and has experienced a 2.80% decline in the last 24 hours. Other valuable traces worth tracking include the MVRV Ratio, which can be employed in analyzing the given asset as over or undervalued.

Related: Bitcoin Tops $67K with Solana, Dogecoin, and Mumu the Bull Shining Bright

The 30-day MVRV is currently sitting at 1.682%, which can suggest that DOGE might be underpriced in the short term. On the other hand, the 365-day MVRV remains close to the neutrality of -20.79%regarding which the sentiment is considered more middle ground in the long run. High MVRV ratios in the past have been associated with peak prices leading to sell offs as showed by the end of 2023 and early 2024.

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