Dogecoin, Shiba Inu and Seven Additional Crypto Assets Are Massively Undervalued Based on One Metric: Santi… – The Daily Hodl

Dogecoin, Shiba Inu and Seven Additional Crypto Assets Are Massively Undervalued Based on One Metric: Santi… – The Daily Hodl

Blockchain Crypto Market Technology
January 25, 2023 by Coinvasity
13
Analytics platform Santiment says that the two largest meme coins by market cap and seven other crypto assets currently pose a relatively lower risk for investors.Santiment says that based on the market-value-to-realized-value (MVRV) Z-score, Dogecoin (DOGE) and Shiba Inu (SHIB) are undervalued and lower risk.Dogecoin is trading at $0.86 at time of writing while Shiba
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Analytics platform Santiment says that the two largest meme coins by market cap and seven other crypto assets currently pose a relatively lower risk for investors.
Santiment says that based on the market-value-to-realized-value (MVRV) Z-score, Dogecoin (DOGE) and Shiba Inu (SHIB) are undervalued and lower risk.
Dogecoin is trading at $0.86 at time of writing while Shiba Inu is changing hands at $0.000012.
The MVRV Z-score is used to determine whether an asset is undervalued or overvalued. When the MVRV Z-score is in negative territory, implies that an asset is undervalued and vice versa. Shiba Inu currently has an MVRV Z-score of -1.88 while Dogecoin’s is -0.162, according to Santiment.
Other crypto assets that Santiment says are undervalued are Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), layer-2 solution Polygon (MATIC), decentralized exchange Uniswap (UNI) and blockchain oracle Chainlink (LINK).
On the other hand, Santiment says that Binance Coin (BNB), with an MVRV Z-score of 0.87, is overvalued.
“According to MVRV Z-Score, which identifies overvalued and undervalued assets based on short and long-term returns, top caps are in the following categories:
Overvalued: BNB
Undervalued: BTC, ETH, XRP, ADA, DOGE, MATIC, SHIB, UNI, LINK.”
Turning to Bitcoin, Santiment says that the flagship crypto asset’s positive returns year-to-date have resulted in the crowd optimism levels in the markets rising to a six-month high.
“Traders are treating Bitcoin’s signs of life as a signal that a bigger breakout may be looming soon. The rebound back over $21,000 in January has resulted in the crowd showing the most optimism they’ve had in markets since July.”
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