As a seasoned crypto investor with a portfolio that includes Dogecoin, I find the recent market downturn disheartening but not surprising. The sell-off we’re witnessing has affected most cryptocurrencies, including Bitcoin and Ethereum. However, the latest data from IntoTheBlock offers a glimmer of hope for Dogecoin holders like myself.
I’ve observed that despite a recent 8% decrease in Dogecoin‘s price, on-chain metrics indicate that most holders are still in profit.
When I penned this, DOGE had dropped by 7% in the previous 24 hours to reach $0.1496. This decline reflected the broader market trend of selling off, which caused Bitcoin to dip beneath the $64,000 threshold.
Based on IntoTheBlock’s findings, over 83% of Dogecoin owners are experiencing a profit with their holdings at present. This significant percentage underscores the tenacity and faith of DOGE investors in the face of market volatility.
Recently, IntoTheBlock published a graph indicating the proportion of profitable investors on various leading blockchain networks.
Approximately 83% of Dogecoin and 81% of Ethereum holders currently experience a profit from their investments, making these two layer-1 blockchains among the select few with a substantial number of profitable holders, whereas Bitcoin and TRX have a larger proportion of their respective holder bases in profit.
I’ve noticed that the crypto market is experiencing a broad sell-off right now. Most cryptocurrencies, including those in the top 100, are showing losses ranging from 4% to 20%. Dogecoin hasn’t escaped this bearish trend either; its price has dipped to an intraday low of $0.148, down significantly from its previous day high of $0.169.
During the recent drop in prices, the profitability index for Dogecoin holders has provided a glimmer of hope. This is because the majority of DOGE investors continue to make a profit.
At present, according to IntoTheBlock’s data, Dogecoin holders are experiencing a profitability rate of 82%. This represents a small decrease from the previously reported figure of 83%.
I’ve noticed that a significant number of Dogecoin investors bought their tokens at cheaper prices in the past, and now they’re enjoying their profits, despite the current market instability. This tenacity among Dogecoin investors underscores their firm belief in Dogecoin’s future growth prospects and their readiness to endure temporary price volatility.
Approximately 65% of the coin holders, identified as long-term investors based on holding duration exceeding one year, according to IntoTheBlock’s latest figures.
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2024-04-25 14:11