Dogecoin (DOGE) Address Profitability Hits 83%: Details
Release: 2024/05/24 20:49 Reading: 650
Dogecoin: A Profitable Hold Amidst Price Volatility
Cover image via U.Today
Introduction
Despite experiencing an immediate price decline, Dogecoin (DOGE) remains a highly profitable digital asset to hold at this juncture.
Profitability Analysis
Data from IntoTheBlock (ITB) reveals that DOGE's profitability stands at 83.12%. This translates to 5.24 million addresses in profit, with an average maximum profit price of $0.149375.
Address Profitability Distribution
Addresses at the break-even point constitute 3.55% of the network, while those in loss account for 13.34%. In comparison, Shiba Inu has a significantly higher percentage (34.9%) of addresses in loss. src="/uploads/20240524/1716555949665090ad17a64.png">
Dogecoin Profitability Chart Via IntoTheBlock
Resilience and Future Prospects
Dogecoin exhibits remarkable resilience in turning unfavorable market conditions to its advantage in the long term. Despite a recent 3.88% price drop, DOGE remains buoyant, with a 5% surge in the past week.
Impact of Kabosu's Passing
As the first and largest meme coin, Dogecoin maintains a strong legacy. The passing of Kabosu, the dog that inspired its creation, has drawn condolences from the crypto community.
Long-Term Implications
While Kabosu's passing may not directly affect DOGE's valuation, it underscores the deep connection between the meme coin and its canine inspiration. This association could attract additional capital to the ecosystem and drive future address profitability.
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