Crypto analytics firm Santiment warns that the native token of the Bored Ape Yacht Club non-fungible token (NFT) ecosystem, ApeCoin (APE), stands a high chance of retracing after a modest rally.
Santiment says that ApeCoin’s market-value-to-realized-value (MVRV) ratio sits at 15.981%, suggesting that it is relatively overvalued.
According to the crypto analytics platform, the MVRV ratio of decentralized virtual worlds Decentraland (MANA) and The Sandbox (SAND) is -59.77% and -33.31%, respectively, suggesting that they are “still undervalued.”
“While altcoins are resetting a bit after the hot start in 2023, you can reallocate your portfolio based on which assets still show traders are under water. While APE’s 1-year MVRV is at +16%, MANA (-60%) and SAND (-33%) may be more appealing for now.”