Key Takeaways
Origin Protocol’s OGN token registered a 14.4% rally in the past 24 hours, and is up 21.8% in a week. Holders were at severe losses, but there was a chance of recovery as the token climbed back above $0.71.
Origin Protocol [OGN] might be undervalued. AMBCrypto found that at press time, the majority of the token holders were at a severe loss.
The MVRV ratio is the ratio of the market capitalization to the realized capitalization.
Source: Glassnode
At press time, the MVRV was at 0.45. This showed that the token is extremely undervalued and that the average cost basis for holders was much higher than the current price. It indicated capitulation.
In other words, old holders are in pain, but it might be an opportunity for newcomers. AMBCrypto investigated if buyers should be interested in Origin Protocol token.
Clues that OGN’s bottom might be in
The MVRV ratio has been extremely low since May 2022. There were brief rallies which pushed the MVRV higher, the most notable rally being a multi-month one that ended in March 2024.
However, these rallies were not enough to flip the long-term market structure of OGN, which has been bearish since the summer of 2024.
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Author: Akashnath S
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