TL;DR:
- The 365-day MVRV ratio recorded by Santiment on September 23, 2026, stood at -11.75% for XRP and -19.26% for Dogecoin.
- Annual cohorts for Bitcoin, Ethereum, and Chainlink crossed above the 0% threshold on the same metric following the broader market rebound.
- Dogecoin posted $1.84 billion in 24-hour trading volume and touched an intraday peak of $0.1042 before retreating toward $0.092.
On-chain analytics firm Santiment released a report this Wednesday, September 23, stating that active investors over the past year in XRP and Dogecoin remain in unrealized losses on average. The analysis identified a steep discount in their MVRV ratio.
🚨 XRP And DOGE Flash Deep Long-Term MVRV Discounts
📊 The 365-day MVRV is showing a big split between major coins. BTC, ETH, and LINK are slightly above 0%, meaning the average trader active over the past year is sitting on a small profit. XRP is around -11.75%, while DOGE is… pic.twitter.com/9Lvs8WjuOL
— Santiment Intelligence (@SantimentData) September 23, 2026
Santiment detailed that the 365-day Market Value to Realized Value (MVRV) metric printed near -11.75% for XRP, while Dogecoin registered a deeper reading, hovering around -19.26%.
In contrast, readings for Bitcoin, Ethereum, and Chainlink positioned slightly above the 0% threshold during the same session. The analytics firm interprets that participants who transacted across those three networks over the past twelve months are operating, on average, with modest positive margins following the broad-based recovery.
The market experienced significant weekly momentum that pushed Bitcoin past $87,000 for the first time since January 2026, touching a 24-hour peak of $87,251 before settling above $84,327.
Dogecoin rallied 12% in a single day, accompanied by $1.84 billion in trading volume according to data from CoinGecko. However, recent buying pressure has not offset the net losses of the evaluated annual cohort.
Divergence between spot price and historical holder profitability
The 365-day MVRV indicator tracks coins that logged at least one on-chain transfer over the past year, comparing their current market capitalization against the price at which they last moved.
A negative print reflects that the prevailing market price remains below the average cost basis of holders comprising that cohort. According to Santiment’s technical documentation, deeply negative readings typically indicate that a smaller fraction of investors hold unrealized gains to cash out, which diminishes immediate sell-side pressure stemming from profit-taking.
Nevertheless, analysts from the platform emphasized that a negative ratio does not constitute a definitive technical bottom signal nor does it guarantee a bullish recovery in the short term.
In April 2026, XRP‘s 365-day MVRV plummeted to -41%, marking its lowest level since the collapse of FTX in November 2022. The recent -11.75% figure confirms a substantial recovery from that drawdown, although the annual cohort still sits below break-even.
Meanwhile, Dogecoin‘s price fluctuated between $0.07837 and $0.09784 over the week, briefly reaching $0.1042 before consolidating near $0.092. Despite posting double-digit percentage gains over short timeframes, the -19.26% divergence confirms that buyers who entered at higher price points throughout the previous cycle have yet to recoup their initial capital.
Among the other monitored assets, Ethereum hovered around $2,668 within a daily range between $2,643 and $2,787, while Chainlink traded at $12.23 after touching $13.21, consolidating on-chain readings marginally above zero.
The divergent performance across assets leaves open the trajectory of liquidity heading into the close of third-quarter 2026 trading, a window during which institutional funds rebalance portfolios and derivatives platforms settle key quarterly contracts.
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