According to this metric, the on-chain analytics firm Santiment has revealed Shiba Inu has been underbought recently, while Bitcoin is overbought.
MVRV Z-Score Suggests Shiba Inu Has Been Undervalued Recently
In a new post on X, Santiment has discussed how some of the top cryptocurrencies are looking like right now on their MVRV Z-Score. The “Market Value to Realized Value” (MVRV) refers to a popular on-chain indicator that keeps track of the ratio between the market cap and realized cap for any given asset.
The realized cap here is a capitalization model that calculates the total valuation of the cryptocurrency by assuming that the ‘real’ value of any token in circulation is equal to the price at which said coin was last transacted on the blockchain.
As the previous transaction of any coin was the last time it changed hands, the price at its time would denote its cost basis. Thus, the realized cap is a sum of the cost basis of all tokens in the circulating supply.
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