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MultiversX Identified as Highly Undervalued in Latest Crypto Report

MultiversX Identified as Highly Undervalued in Latest Crypto Report

Cryptodnes2024/08/18 09:45
By:Cryptodnes

With the cryptocurrency market currently stable, there are opportunities to find undervalued digital assets with strong profit potential.

An August 15, 2024, report by DBCrypto spotlighted a promising cryptocurrency through the Market Cap per Daily Active Address (MCDAA) metric. The analysis compared Avalanche ( AVAX ), Polkadot ( DOT ), MultiversX ( EGLD ), and Cardano ( ADA ), focusing on their market caps and active user counts.

Avalanche, with a $9.2 billion market cap and 35,000 daily active users, had an MCDAA of $262,000. Polkadot, with a $6.5 billion market cap and 4,000 active users, had an MCDAA of $1.6 million. MultiversX’s $740 million market cap and 20,000 active users resulted in a low MCDAA of $37,000. Cardano, valued at $15 billion with 25,000 active users, had an MCDAA of $600,000.

DBCrypto identified MultiversX as notably undervalued due to its low MCDAA, indicating room for growth if user engagement increases. This insight was based on initial research by a user named Solver, who emphasized the correlation between market cap and active users.

READ MORE:
German Federal Authority Issues a Warning to Crypto Users

While MCDAA is just one metric and should be considered alongside other factors, it offers a useful perspective on asset valuation. DBCrypto’s findings suggest MultiversX could see significant appreciation with rising user activity.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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