🧑💻 With markets rising over the past couple of months, there has been a bit of renewed crowd interest revolving around NFT's. Below are the top 10 NFT-related projects, according to our algorithm that calculates notable development activity:
1 Flow $FLOW
2 Decentraland $MANA
3 Enjin $ENJ
4 Axie Infinity $AXS
5 The Sandbox $SAND
6 Yield Protocol $DYP
7 Monaverse $MONA
8 Bounce Finance $AUCTION
9 Aavegotchi $GHST
10 Alien Worlds $TLM
Check out Santiment's methodology for pulling #github activity data from project repositories, and why it is so useful for #crypto trading.
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An assessment of the profitability of leading metaverse tokens Apecoin [APE], Decentraland [MANA], and The SandBox [SAND] revealed that only APE holders have turned a profit so far this year.
The MVRV ratio for APE is currently positive at 15.81% and is trending upward, while the MVRV ratios for MANA and SAND are both negative at -59.77% and -33.31%, respectively, making them undervalued.
A coin is considered undervalued when the MVRV ratio is below 1, meaning that the current market capitalization is less than the total value of all coins that have been realized. In this case, if an investor sells MANA and SAND at their current market prices, he will realize losses on his investments.
Yesterday we tried to evaluate possible market moves using crowd sentiment: https://insights.santiment.net/read/monday-crowd-vibes-7128
Now when US Monday trading session is over we might review onchain activity.
With 24h daily active address metric as a proxy.
Long story short, a large number of tokens is now seeing an increasing divergence between price action (up) and active addresses (down).
This is a warning sign, many divergencies now have to be reset by either a price dump or increase in activity.
What could be good to observe on many tokens for a rally is an opposite divergence, similar to MKR:
Until then, we might probably expect some gravity push down.
Charts layout: https://app.santiment.net/s/jvnjSOT2
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.