# Merlin Chain (MERL) — crypto price, market cap and strength versus Bitcoin

> Merlin Chain trades at $0.017 with a market capitalisation of $25.8M (rank 708). Over 90 days it is -35.4% against Bitcoin and sits below its 200-day average. Layer 2 as a theme is -11.4% against Bitcoin over 13 weeks. Price readings run through 2026-07-31.

## Agent research brief

- What this coin is: Merlin Chain (MERL), a Layer 2 token of $25.8M at market-cap rank 708. On-chain activity is sourced from protocol + chain TVL.
- What the tape says: -35.4% versus Bitcoin over 90 days; below its 200-day average. Layer 2 as a theme is -11.4% against Bitcoin over 13 weeks.
- What the evidence supports: 34.1/100 inside Layer 2 on 55% evidence (10% of it native activity). Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
- What is missing: There is no valuation band for any coin on this site: historical market capitalisation is not held, so no PE-style range can be built. Merlin Chain does publish total value locked.

Theme: Layer 2 (/mla/crypto/sector/layer-2). Price 2026-07-31; market-cap snapshot 2026-07-04.

## Price, returns and risk

Merlin Chain is -82.9% over one year, -53.7% over 90 days and -9.1% over 30 days. Annualised 30-day volatility is 64%. Its deepest fall from a high inside the last 90 days is 57%. It trades below its 200-day average, which is falling.

- Price: $0.0170
- Market cap: $25.8M (rank 708)
- Returns: 7d -1.0%; 30d -9.1%; 90d -54%; 180d -70%; 1y -83%
- RS versus Bitcoin, 90d: -35%
- 30-day volatility: 64% annualised; deepest 90-day fall 57%
- 200-day average: $0.0420, trading below it

## Protocol economics

Merlin Chain publishes 1 of the six network-economics series this site tracks: total value locked. Total value locked at the latest complete quarter is $7.1M. Network activity is evidence about the protocol, not earnings owed to the token. Readings run to the Q2 2026 quarter.

- Total value locked: latest quarter $7.1M; change -89%; covered 10/20 quarters

## Research score

Merlin Chain: 34.1/100 — Illiquid · research only; 4.2 + 13.3 + 10.0 + 6.6 = 34.1; evidence 55%; native evidence 10%; rank 29 of 33 rated Layer 2 coins
Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
This weakens if: The read weakens if 90-day RS versus BTC falls below zero with two weekly closes below the 200-DMA, or native activity contracts for two complete calendar quarters.

No valuation band exists for any coin on this site: historical market capitalisation is not held, so no company-style valuation range can be built.

## Layer 2 scorecard

Merlin Chain is one of 48 Layer 2 coins here, 33 of which carry enough evidence to be rated and ranked. Merlin Chain ranks 29 of those 33 on 55% evidence. The table below is the theme's own scorecard, in its own order, with this coin marked.

- 1. POL (ex-MATIC) (POL): score 69.5; evidence 62%; Illiquid · research only
- 2. COTI (COTI): score 64.1; evidence 55%; Illiquid · research only
- 3. Capx AI (CAPX): score 56.2; evidence 50%; Illiquid · research only
- 4. Prom (PROM): score 55.6; evidence 55%; Illiquid · research only
- 5. Celo (CELO): score 53.4; evidence 90%; Illiquid · research only
- 6. Aztec (AZTEC): score 52.2; evidence 43%; Illiquid · research only
- 7. Linea (LINEA): score 51.2; evidence 100%; Mixed · market gate closed
- 8. MegaETH (MEGA): score 49.9; evidence 12%; Illiquid · research only
- 9. Sophon (SOPH): score 48.5; evidence 55%; Illiquid · research only
- 10. AltLayer (ALT): score 48.2; evidence 12%; Illiquid · research only
- 11. Immutable (IMX): score 48; evidence 17%; Illiquid · research only
- 12. OpenLedger (OPEN): score 47.9; evidence 12%; Illiquid · research only
- 13. BSquared Network (B2): score 47.8; evidence 55%; Tape-led · on-chain proof incomplete
- 14. Stacks (STX): score 47.5; evidence 17%; Illiquid · research only
- 15. Treasure (MAGIC): score 47.3; evidence 12%; Illiquid · research only
- 16. Aevo (AEVO): score 46.6; evidence 50%; Illiquid · research only
- 17. Optimism (OP): score 45.7; evidence 100%; Mixed · market gate closed
- 18. Metal DAO (MTL): score 43.9; evidence 50%; Illiquid · research only
- 19. Mantle (MNT): score 41.7; evidence 64%; Illiquid · research only
- 20. Cartesi (CTSI): score 41.2; evidence 50%; Illiquid · research only
- 21. ZKsync (ZK): score 41.1; evidence 62%; Illiquid · research only
- 22. Loopring (LRC): score 40.7; evidence 55%; Illiquid · research only
- 23. PHALA (PHA): score 39.1; evidence 50%; Tape-led · on-chain proof incomplete
- 24. Status (SNT): score 37.4; evidence 50%; Illiquid · research only
- 25. Nervos Network (CKB): score 37.2; evidence 50%; Illiquid · research only
- 26. Lumia (LUMIA): score 36.3; evidence 50%; Illiquid · research only
- 27. Orderly (ORDER): score 36; evidence 55%; Illiquid · research only
- 28. Manta Network (MANTA): score 35.9; evidence 100%; Lagging · market gate closed
- 29. Merlin Chain (MERL) [this coin]: score 34.1; evidence 55%; Illiquid · research only
- 30. Taiko (TAIKO): score 33.1; evidence 94%; Lagging · market gate closed
- 31. Metis (METIS): score 31.5; evidence 84%; Illiquid · research only
- 32. Islamic Coin (ISLM): score 24.1; evidence 55%; Illiquid · research only
- 33. Lisk (LSK): score 20.9; evidence 100%; Illiquid · research only

## Limitations

- Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
- Market capitalisation is a dated snapshot, not a point-in-time historical supply series, so yields computed against it inherit that lag.
- No valuation band exists for any coin: historical market capitalisation is not held at all.
- Funding rates, open interest, liquidations, exchange flows, unlock schedules and developer activity are not held and are not inferred.
- The research score is relative to this coin's own theme only. It is not comparable across themes and is not an entry signal.

## FAQs

### What is Merlin Chain (MERL)?

Merlin Chain is a Layer 2 cryptocurrency tracked here by price, market capitalisation and strength against Bitcoin, with on-chain activity from protocol + chain TVL. It is one of 48 Layer 2 coins on this site. Readings are as of 2026-07-31.

### What is the market cap of Merlin Chain?

Merlin Chain's market capitalisation is $25.8M, ranking it 708 in the top-1,000 crypto universe. That figure is a dated snapshot from 2026-07-04, refreshed separately from the daily price series, so it can lag the price shown above.

### Is Merlin Chain beating Bitcoin?

Merlin Chain is -35.4% against Bitcoin over 90 days, and its own theme, Layer 2, is -11.4% over 13 weeks. It trades below its 200-day average as of 2026-07-31.

### Does Merlin Chain have a P/E ratio?

No. There is no company-style P/E or PEG for a crypto token, and no valuation band is shown on this page because the data to build one honestly does not exist: historical market capitalisation is not held, only a current snapshot. Where a protocol publishes fees or revenue, this page shows the yield against that dated snapshot instead.

### What is Merlin Chain's research score?

34.1/100 within Layer 2, ranked 29 of 33 rated Layer 2 coins, on 55% evidence: 4.2 + 13.3 + 10.0 + 6.6 = 34.1. It is labelled “Illiquid · research only”. The score ranks research attention inside one theme, never portfolio action.

### How much Merlin Chain history does this page show?

Five years of weekly closes where they exist, plus 20 complete calendar quarters of on-chain activity for the metrics Merlin Chain actually publishes. Here that is total value locked.

### Does Merlin Chain generate total value locked?

Merlin Chain's latest quarter total value locked is $7.1M, down 88.6% on the year-earlier period. Network activity is not token-holder earnings: whether it accrues to the token depends on the protocol's own burn, buyback and distribution rules.