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- Santiment data suggested that DOGE’s current level was grossly undervalued.
Crypto markets have recorded fire sales in the past few days, painting most of the sector red. Amidst the crazy discounts, BitMEX founder and crypto fund Maelstrom CIO, Arthur Hayes, has opted to scoop Dogecoin [DOGE] at its recent lows.
‘I’m loving this choppy sideways to down shitcoin price action. I’m adding to my bags of $PENDLE and $DOGE.’
Although Hayes didn’t divulge more about his move on DOGE, he had previously stated that choppiness in summer was perfect for accumulating more digital assets.
How is DOGE faring
DOGE, the largest memecoin by market cap, was down 10% on weekly charts but saw a slight relief on the daily front, per CoinMarketCap data.
As of press time, it was slightly up +2% in the past 24 hours and traded at $0.125.
Earlier in the week, Santiment established that the recent market drawdown has led to a steep drop in sentiment for select coins like DOGE and Shiba Inu [SHIB], making them a great buy.
‘Patient traders who have been waiting for the crowd to give up on these large-cap altcoins may finally have their buy opportunity with FOMO at a 2024 low’
Additionally, a new data point from Santiment pointed out that DOGE was massively undervalued and could bounce based on historical trends.
‘The lower a cryptocurrency’s 30-day MVRV is, the higher the likelihood we see a short-term bounce:Bitcoin: -4.0% (Mild Bullish), Ethereum: -4.3% (Mild Bullish), XRP: -3.5% (Mild Bullish), Dogecoin: -16.7% (Very Bullish)’
Source: Santiment
The MVRV (Market Value to Realized Value) gauges whether an asset is undervalued or overvalued. DOGE’s reading was -16.7%, the deepest it has ever been in the past 30-days, and suggested it was massively undervalued and a discount buy.
So, Santiment data supported Arthur Hayes’ thesis of going long on the dog-theme memecoin.
A recent AMBCrypto report also established that some mid-sized whales were buying the memecoin, which could induce a bullish reversal.
However, a decisive bullish reversal could only happen if Bitcoin [BTC] reverses recent losses.
