As a researcher with a background in cryptocurrency analysis, I’ve closely followed the trends and developments of various digital currencies, including Dogecoin (DOGE). Based on my findings from reliable data sources like IntoTheBlock (ITB), I believe that despite any immediate price drops, Dogecoin remains one of the most profitable coins to hold at present.
Although Dogecoin (DOGE) could be undergoing an instantaneous price drop, it is a strong contender as one of the most lucrative digital currencies to invest in presently. According to crypto analytics platform IntoTheBlock (ITB), DOGE boasts an impressive profitability rate of 83.12%.
Dogecoin address profitability outlook
As an analyst, I’d express it this way: With Dogecoin surpassing the five million address milestone, approximately 5.24 million addresses are currently in profit, each with an average maximum realized price of $0.149375.
As a crypto investor, I would put it this way: Upon careful analysis, approximately 3.55% of the addresses in the cryptocurrency network, which include mine, either do not show any profit or have just covered their initial investment at a break-even point. These addresses represent about 223,680 entities within the network.
Approximately 13.34% of the addresses in the given network hold losing balances, which is a smaller percentage compared to many other similar platforms where this figure can reach up to 841,370 addresses. On the contrary, Shiba Inu has over 34.9% of its total addresses showing losses.
One distinctive feature that sets Dogecoin apart is its capacity to turn around negative trends in the long run. Despite experiencing a decline of up to 3.88% within 24 hours, bringing its price down to $0.1595, Dogecoin must surge by approximately 10% to surpass its breakeven point at $0.160814.
It’s less challenging for the meme coin with a dog theme, as its value has risen by around 5% over the last week.
Meme coin tribute to Kabosu
Dogecoin continues to hold the title of the original and biggest meme cryptocurrency based on market capitalization. Tragically, Kabosu, the canine muse behind its inception, has recently passed away. The crypto community expresses sympathy for this loss.
The strong connection between DOGE and Kabosu might not immediately influence its valuation. However, this link underscores Dogecoin as the leading meme coin, potentially attracting more investment into its ecosystem over time, resulting in significant profitability growth for its holders.
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2024-05-24 15:45