Dogecoin’s 365-day market value to realized value (MVRV) ratio is about 0.74, according to Santiment data posted on October 20. That means coins that moved in the past year are on average about 26% below the price at which they last changed hands. XRP’s ratio is about 0.92, an average unrealized loss of about 8%. Bitcoin, Ether and Chainlink range from 0.97 to 1.04.DOGE carries the deepest discount among large capsMVRV compares a coin’s current market value with the average price at which its coins last moved on-chain. A reading of 1.00 means breakeven. Santiment’s 365-day version counts only coins that moved at least once in the past year, so it tracks that cohort rather than all holders.Asset365-day MVRVAverage unrealized P&LDOGE0.74about −26%XRP0.92about −8%BTC, ETH, LINK0.97 to 1.04about −3% to +4%Santiment did not say which of BTC, ETH and LINK sits at each end of the range.DOGE’s discount deepened while XRP’s narrowedOn September 23, Santiment put XRP’s 365-day MVRV at about −11.75% and DOGE’s at about −19.26%. Converted to the same basis, DOGE’s discount has widened by about 6.7 percentage points in four weeks, while XRP’s has narrowed by about 3.8 points. BTC, ETH and LINK were all slightly above breakeven in September; the current range shows at least one has slipped below.At spot prices of about $0.0818 for DOGE and $1.33 for XRP early on October 21, the readings imply an average cost basis of roughly $0.111 for DOGE’s one-year cohort and $1.45 for XRP’s. These are approximate, because the price and MVRV readings may not be from the same moment.Santiment’s view: low MVRV as a lower-risk zoneSantiment’s house view is that a low MVRV can mean selling pressure is nearing exhaustion, because fewer recent buyers hold profits to take. Historically, the firm says, this has formed a relatively favourable, lower-risk range, while high MVRV readings raise the risk of profit-taking. Santiment adds that the indicator reflects market participants’ profit, loss and risk appetite and does not necessarily signal a price rebound.