Dogecoin price enters accumulation zone – Is DOGE nearing a rebound?

Dogecoin [DOGE] has entered a potential favorable accumulation zone after its 365-day MVRV ratio declined to 0.74, at press time, suggesting considerable unrealized losses among holders. As per Santiment, recent DOGE investors held assets worth roughly 26% less than the average acquisition cost. The depressed MVRV levels have historically offered more supportive accumulation conditions compared to periods of substantial unrealized profits. Interestingly, Dogecoin stood out among major crypto assets, with its MVRV falling substantially below the neutral range. However, the metric was yet to offer a confirmation of an immediate price rebound, especially as the memecoin continued struggling around $0.0800.

Source: AMBCrypto