Dogecoin‘s value decreased by 21% over the last week, resulting in additional losses within the past 24 hours. However, some dedicated holders have managed to make a profit. According to on-chain analysis, although Dogecoin’s price has dropped, approximately 83% of Dogecoin wallets are still showing a profit.
Dogecoin Profitability Remains High
The “In/Out of the Money” metric by IntoTheBlock provides intriguing insights into Dogecoin’s price trends. This tool calculates the number of wallets that are currently earning a profit or incurring a loss based on their purchase price and the current market value. Essentially, it offers a window into the potential attitudes of coin holders.
Currently, approximately 82.72 million Doge addresses have earned a profit, while around 13.9% or 870,290 addresses are experiencing losses. Notably, about 3.38% or 211,600 addresses neither show a profit nor a loss.
It’s crucial to note that the given measure takes into account every Dogecoin address. Consequently, most individuals making a profit are those who purchased Dogecoin in its early stages, as shown in the following image. In contrast, a larger number of addresses that bought DOGE during the March bull run have yet to see any returns.
The “In/Out of the Money Range Price” provides a clearer picture of profits, particularly for shorter time frames. Notably, over half (55.26%) of the buying addresses between $0.132243 and $0.179879 still show a profit.
What’s Next For DOGE?
Currently, Dogecoin is priced at $0.1587 during this writing session. In the last 24 hours, its value has decreased by 4.81%, and over the past week, it has dropped by 21%. Yet, the significant profits being earned even amidst this decline suggests that most Dogecoin investors remain optimistic and continue to hold onto their assets, a promising sign.
Large transactions by Doge whales have increased, according to data from IntoTheBlock, with a total of $744.62 million worth of Doge being moved off crypto exchanges in the last week, contrasting with only $671.61 million in inflows during the same period. This significant outflow implies that more investors are buying up Doge during the price drop rather than selling it off.
The “In/Out of the Money” indicator discloses the quantity of wallets that purchased an asset at specific price ranges, shedding light on potential support and resistance points. At present, this metric indicates approximately 111,280 addresses have bought DOGE between $0.169 and $0.189, exerting a minimal resistance that can be overcome effortlessly by Dogecoin bulls.
If we surpass this recent sell-off, there might be a brief drop in price due to profit-taking among some investors. However, the significant resistance lies above $0.18. Overcoming this barrier would pave the way for DOGE to reach its all-time high of $0.22 during this bull market.
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2024-04-17 03:11