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Dogecoin Addresses in Profit Rise to 65% as Price Reaches Five-month High

Sun, 10/30/2022 - 15:39
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Tomiwabold Olajide
Dogecoin outperforming top 20 in gains
Dogecoin Addresses in Profit Rise to 65% as Price Reaches Five-month High
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The number of addresses in profit (in money) has increased significantly as the Dogecoin price has risen to multi-month highs. According to IntoTheBlock data, Dogecoin addresses in money have increased to 65%, up from May lows of 48%.

The Dogecoin (DOGE) price rose over 90% in a massive spike on Oct. 29 as it climbed from lows of $0.082 to reach intraday highs of $0.151. Dogecoin has been rising since Oct. 25 after reports emerged of Tesla CEO Elon Musk's near conclusion of the Twitter deal.

Bulls went berserk as investors considered the possibility of Dogecoin being utilized as payment on social media following the successful conclusion of the Twitter deal. Currently, Dogecoin is outperforming the top 20 in gains as the majority of cryptocurrencies are losing value over the last 24 hours, thus trading in red at press time. At the time of publication, DOGE was changing hands at $0.118, up 5% in the last 24 hours and 100% in the past week.

Dogecoin Profitability Increases to 53%, On-Chain Signals Hint at Bullish Indications

The recent rise seemed beneficial for Dogecoin "hodlers," which make up a greater chunk of Dogecoin's total addresses. Per IntoTheBlock's holders' composition by time held, Dogecoin "hodlers," referring to addresses that have held Dogecoin for more than a year, is presently 69%; 28% of addresses have held the asset for a year, while 3% have held onto their assets for barely less than a month.

Large transactions jump 111%

Large transaction spikes are frequently associated with increased activity from institutional players, or whales, who are either buying or selling. These transactions exceed $100,000, according to IntoTheBlock, and were up 111% in the last 24 hours for Dogecoin.

Dogecoin Price Jumps 13% as Elon Musk Twitter Deal Nears Conclusion

According to Whale Alert, 44,485,413 DOGE worth $5,771,679 were moved to Coinbase, while another 99,999,998 DOGE worth $13,058,970 were moved to Binance. Also recently, 160,000,000 DOGE worth $21,187,444 were shuffled in between wallets.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.