Dogecoin's MVRV metric is flashing interesting signals right now.

For those unfamiliar, the Market Value to Realized Value ratio compares current market cap against the aggregate cost basis of all coins. When MVRV climbs above certain thresholds, historically it's signaled overheated zones. When it dips too low? That's often marked accumulation territory.

Current DOGE readings show we're hovering in a middle band—not screaming oversold, but definitely not in euphoria mode either. The realized cap has been creeping up steadily, suggesting longer-term holders aren't panicking despite recent chop.

Worth watching how this plays out as broader crypto sentiment shifts. MVRV doesn't predict price alone, but combined with volume patterns and sentiment data, it paints a clearer picture of where the crowd's positioned.