Dogecoin Ranks Second With 88% Profitable Addresses as of Last Week

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The surge in Dogecoin‘s price over the past period has put over 88% of investors into the green, representing a 37% increase compared to the same month last year, and marking the highest proportion in the past three years. Data reveals that more than half of the active addresses currently in profit belong to larger investors, frequently referred to as “whales.”

Approximately two out of three DOGE investors, numbering around 61%, have demonstrated strong commitment to the meme coin by keeping their holdings for over a year.

The performance of Dogecoin in terms of investment returns is all the more noteworthy when contrasted with other leading cryptocurrencies. According to IntoTheBlock’s recent data, a larger proportion of Bitcoin investors have seen profits, at 96%, compared to Dogecoin. However, Dogecoin outshines Ethereum and TON, with 87% and 86% of their respective addresses reporting gains, respectively.

Approximately 76% of Avalanche investors have experienced gains, placing it as the fifth-most profitable coin on this list. Shiba Inu comes in sixth with around 65% of its investors seeing profits, while about a quarter are still in the red. In contrast, Cardano‘s investor base is more evenly split, with slightly over half (51%) reporting gains.

In the last three years, Dogecoin has experienced a significant surge in popularity within the cryptocurrency community, causing its price to rise well beyond where it had been previously. This revived interest in Dogecoin is evident in the high proportion of Dogecoin wallets currently reporting profits.

During the initial three months of the year, the value of one DOGE coin experienced a significant surge, increasing by approximately 146% from $0.089 to $0.22. As a result, the meme coin accumulated nearly $18.5 billion in market capitalization.

Dogecoin’s Trading Volume Jumped 6x in Three Months

Another way to say this is: Dogecoin holds the second largest number of profitable addresses, following Bitcoin, while its price surge notably increased its trading activity.

Based on information from CoinMarketCap, there were approximately $141 billion in Dogecoin trades during the first quarter of the year. This represents a substantial rise compared to trading volumes in 2023. Furthermore, data indicates that March was the busiest month for Dogecoin trading, with an impressive $105 billion in monthly trading volume – almost six times greater than the combined trading volumes of January and February.

Also read: Tesla to Enable DOGE Payments, Confirms Elon Musk’s Support

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2024-04-10 10:12