5.46 Million Dogecoin (DOGE) Addresses in Profit, But There’s a Catch

by

As a seasoned crypto investor with a knack for spotting opportunities amidst market turbulence, I find myself intrigued by the recent surge of Dogecoin (DOGE). Having navigated through numerous bull and bear markets, I’ve learned to read between the lines when it comes to data like the number of profitable addresses.

Over the last month, a surge in the broader market has led to an unexpected increase in profits for Dogecoin investors. According to data from IntoTheBlock, more and more people are now in profit from holding Dogecoin. Even though it’s 77% below its record high of $0.7376, this suggests that investing in Dogecoin could be worth the effort.

Dogecoin profitability: the catch

As a crypto investor, I’ve noticed that according to market data, over 5.46 million Dogecoin wallets are currently profitable, making up more than 85% of the total tracked by IntoTheBlock. This is quite significant. On the other hand, there are around 175,000 wallets at the break-even point, which equates to roughly 2.76%, and a larger group of approximately 11.38% of wallets, totaling 722,720, are still in the red.

In simple terms, since many people are currently making profits from Dogecoin (DOGE), the chances of a significant price increase, or a breakout, are relatively high. Yet, there could also be factors that encourage DOGE holders to quickly sell their coins. If there are further signs of a price rise, it might encounter resistance in the form of a sudden wave of selling activity.

This significant development could shape the future of the meme coin. It’s crucial for Dogecoin’s prominent investors (whales) to ramp up their actions to secure a consistent upward trajectory over the next few weeks.

Currently, the value of Dogecoin has dropped by 1.82% over the past day, reaching $0.1660. While the coin generally looks promising, those holding profitable addresses may want to exercise caution due to potential shifts in trends. This could potentially trigger unexpected changes in direction.

DOGE and meme coin leadership

Over the last seven days, I’ve noticed that Dogecoin has been leading the way within the meme coin market. As the original player in this field, it maintains a strong presence due to its connection with its most prominent advocate, Elon Musk.

The coin has climbed a significant 17%, while its main competitor Shiba Inu (SHIB) only rose by 2.56%. As the most prominent meme coin, Dogecoin remains at the forefront of market trends, with investors currently overcoming all obstacles to maintain its appealing statistics.

Read More

2024-10-31 18:53