Dogecoin (DOGE) is trading at $0.105 on Tuesday, February 3. This comes after the cryptocurrency stabilized from the recent correction in the crypto market, which resulted in liquidations for top meme coins.
On Tuesday, the value of the digital currency also registered a minor recovery. Santiment data shows that Dogecoin’s value may be approaching an undervalued zone based on on-chain statistics.
The 30-day MVRV ratio for the digital currency has registered an improvement to -14.40%, recovering from -20.80% on Saturday. According to Santiment, the last time the market observed the current MVRV ratio was during the October 2025 U.S.-China trade war-induced market downturn.
DOGE MVRV Signals Undervaluation After Drop
The digital currency’s value fell into a deeper unrealized loss zone during that period. Analysts claim that the majority of holders of the digital currency are underwater based on the current MVRV ratio.
The 7-day MVRV also increased. It rose to -1.16% on Tuesday, compared to the -8.52% recorded on Saturday. Santiment’s data suggests that market bottoms correlate with 7-day MVRV levels within this range.
Source: Santiment
Negative MVRV readings typically signal undervaluation. They reflect positions held at unrealized losses and can sometimes attract bargain buyers seeking discounted entries. Historical DOGE charts show that comparable MVRV compressions preceded rebounds during earlier market cycles.
DOGE Price Structure Mirrors Past Expansion Phases
Crypto Analyst Patel highlighted the current DOGE price range. He said the current price is sitting in the same macro zone as the 17,000% Dogecoin price rally in 2021.
The demand zone of $0.10 to $0.06 has been in place since 2021. It is considered multi-cycle support. The current token price is 87% below the all-time high, which is similar to the cycle reset structure.
Also Read: SUI Holds Support as Analysts Eye $5 Rebound Amid Downside Risk
Patel mentioned the expansion phases of the coin, as the recent price move has resulted in an increase of 17,000%, while the price rise in 2024 has resulted in an increase of 600%. The current price structure resembles the re-accumulation phase.
Source: X
Patel has identified his speculative long-term price targets as $0.50, $1.50, and $4.00. He has noted the invalidation level, as the price is closing below $0.06 on the weekly charts.
Volume Drops as Open Interest Falls 9.46%
CoinGlass data shows that volume has declined by 31.21%, reaching $2.66 billion. The open interest has decreased by 9.46% to $1.19 billion. The OI-weighted funding rate stands at -0.0082%.
Source: CoinGlass
Although the sentiment in the derivatives market is weak, analysts say that the repaired MVRV readings give a measure of relief. They added that the token is in a cautious technical environment, yet it is exhibiting early signs of stabilization, especially as the market is assessing the short-term floor.
Also Read: Dogecoin Rally Alert: $0.109 Base Holds as Institutional ETF Arrives
