MVRV
Holder value divided by cost basis. Above 1 the average holder is in profit; below 1, at a loss.
Holder value. What DEGEN's current holders' tokens are worth at each day's price: $15.6M on 24 Oct.
The real card
MVRV, live on DEGEN. Switch to any cached token.
MVRV
Put this card on a dashboard of your own, or get told when the figure moves
What it is
MVRV is the ratio of holder value (what holdings are worth now) to cost basis (what holders paid for them). It turns the two lines of the cost-basis card into one number that can be compared across tokens of any size.
At 1.00× the holder base as a whole is at break-even.
At 2.00× holdings are worth twice what was paid; at 0.50× they are worth half.
In the snapshot of 11 Oct 2026 the median token in the universe had an MVRV of 0.51: most cached tokens trade below what their current holders paid.
What goes into it
- 1
For every cost-basis day, holder value divided by realized cap; a day with no realized cap (zero or missing) has no ratio and is a gap.
MVRV = holder value ÷ realized cap (none when realized cap is zero) - 2
The signal rules use a stricter version: MVRV only on settled days with enough realized cap to read and holder value above zero.
- 3
The card shows the latest ratio and its change from the first day with a value, with a rule at 1.00× labelled break-even. Ratios print with two decimals, or two significant digits below 0.01 so a tiny ratio doesn't read as zero.
- 4
The snapshot keeps each token's latest MVRV and its change over the window; the fleet strip places it on a log scale against every token.
How to read it
- High
- Holdings are worth well over what was paid: holders as a group have gains they could take.
- Low
- Holdings are worth well under what was paid: holders as a group are at a loss.
- Rising
- Holder value is gaining on cost basis. A sizeable rise over the window is what the MVRV-rising rule counts as bull evidence.
- Falling
- Holder value is losing ground against cost basis. A sizeable fall is bear evidence for the MVRV-falling rule.
Evidence in the data, never advice
Common pitfalls
- MVRV can move without the price moving: when holders who paid more pass their tokens to holders paying less, cost basis falls and the ratio rises.
- It is a ratio of totals, so a few large holders weigh more than many small ones.
- Tokens with a tiny realized cap produce extreme ratios; the signal rules skip them, while a card draws whatever is stored.
- Crossing 1 is a level, not an event: the reclaim and loss rules need a stretch on the other side first and the new side held after.
See it on…
Where it stands out in the latest snapshot. Tokens under a $1M market cap are left out
Cards that show it
Drawn on DEGEN; open one on its page
Related
- Cost basis & profitHolder value vs cost basisWhat current holders' tokens are worth against what those holders paid for them. The gap is their unrealised profit or loss.
- Cost basis & profitRealized cap (cost basis)The total that current holders paid for the tokens they hold, in dollars: the holder base's aggregate cost basis.
- Cost basis & profitSupply in profitThe share of held supply acquired below the day's price. The rest was acquired above it and sits at a loss.
- SignalsSignal family: price vs cost basisRules on price against what holders paid: MVRV under or over 1, its trend, crossings, touches of the cost line.
- The gradeGrade pillar: economicsHolder economics: MVRV and the share of supply in profit, each against the fleet.
Every figure on this page comes from Blocktronics' stored, public reads. It describes what the data shows; it is not advice.