XRP, Dogecoin Flash Deep Long-Term Discounts Amid Broader Market Rebound
The on-chain analytics firm Santiment has published a report highlighting the divergent performance of various cryptocurrencies in the market. According to the data, XRP and Dogecoin are showing deep long-term Market Value to Realized Value (MVRV) discounts.
The 365-day MVRV ratio for XRP stood at -11.75% on September 23, 2026, while Dogecoin's reading was even deeper at -19.26%. In contrast, Bitcoin, Ethereum, and Chainlink showed readings slightly above the 0% threshold during the same session.
The MVRV ratio is a metric that compares the current market capitalization of a coin to its price when it last moved on-chain. A negative reading indicates that the prevailing market price remains below the average cost basis of holders.
Dogecoin has been trading actively, with a 12% gain in a single day and $1.84 billion in trading volume. However, despite this buying pressure, the net losses of Dogecoin's evaluated annual cohort remain significant.