Analytics Firm Names Two Still Undervalued Crypto Assets, Warns One Explosive Altcoin Facing High Risk of Pullback

Crypto analytics firm Santiment has warned that ApeCoin (APE), the native token of Bored Ape Yacht Club’s non-fungible token (NFT) ecosystem, is likely to return after a modest rally.

santimento To tell ApeCoin’s Market Value to Realized Value (MVRV) ratio is 15.981%, suggesting it is relatively overvalued.

The decentralized virtual worlds Decentraland (MANA) and Sandbox (SAND) have MVRV ratios of -59.77% and -33.31%, respectively, suggesting they are still undervalued, according to the crypto analytics platform. increase.

Altcoins are resetting a bit after a hot start in 2023, but traders can still reallocate portfolios based on assets that show they are still under water. APE 1-year MVRV +16 %, but MANA (-60%) and SAND (-33%) may be more attractive for now.”

MVRV, the ratio of a crypto-asset’s total market capitalization to its realized market capitalization, is used to determine whether the asset’s price is below or above its fair value.

The higher the ratio, the more likely the crypto asset will come under selling pressure for holders to make a profit. His MVRV ratio in negative territory indicates that crypto assets are at low risk of being under selling pressure.

Since the beginning of the year, ApeCoin has risen about 52% from a low of $3.62 to a high of $5.49 in 2023. Apecoin is trading at $4.54 at the time of writing.

Decentraland and The Sandbox rose 151% and 96%, respectively, from their 2023 lows to their 2023 highs. Decentraland is trading at $0.639 at the time of writing, while The Sandbox is trading at $0.696.

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