• Recent value hike of the ANKR token caused dormant addresses to transfer it to exchange.
• Investors sentiment has decreased but circulation remains high, and holders regained confidence in the crypto.
• Market Value to Realized Value (MVRV) ratio is negative, indicating that ANKR is still undervalued.
Recent Value Hike of ANKR Token
ANKR dormant addresses began transferring the token to exchange after a recent value hike. According to Lookonchain, a two-year dormancy whale address who bought the token in 2019 and 2020 transferred back to the exchange. This long-term hold yielded gains, and more dormant addresses followed this path as well. The 180-day dormant circulation was 86.04 million at the time of evaluation according to Santiment.
Partnership with Microsoft
The outcome of the ANKR surge last week still seemed to be obvious in the portfolio for token holders due to an increase in Market Value to Realized Value (MVRV) ratio. This surge may have been due to Ankr Protocol’s collaboration with Microsoft on 21 February which also led investors‘ optimism being at its peak.
Decreased Enthusiasm & Increased Circulation
However, enthusiasm seemed to have declined since then; Investors‘ weighted sentiment had decreased from 7.013 on 21 February down to -0.25 at press time according to Santiment data. Meanwhile, circulation had sustained momentum from previous weeks and seven-day circulation was up 1.48 billion at press time – implying that number of unique tokens transacted had significantly improved within this timeframe as well.
Negative MVRV Ratio
At press time, MVRV ratio was -4.592%, indicating that ANKR was still undervalued despite its 31.16% price uptick in last 7 days and 11% volume rise in 24 hours prior..
Active Addresses on Sight
Active addresses were on sight as gains stayed put following Ankr Protocol’s collaboration with Microsoft on 21 February which caused investors‘ optimism being peaked at its highest point