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Dogecoin (DOGE) Address Profitability Hits 83%: Details

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Fri, 24/05/2024 - 12:44
Dogecoin (DOGE) Address Profitability Hits 83%: Details
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Dogecoin (DOGE) might be experiencing an immediate price plunge, but it is arguably one of the most profitable digital currencies to hold at this time. Data from crypto analytics platform IntoTheBlock (ITB) pegs DOGE's profitability at exactly 83.12%.

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Dogecoin address profitability outlook

This profitability figure pegs the total addresses in profit at 5.24 million, with the average maximum profit price mark set at $0.149375. These profitable addresses came shortly as Dogecoin surpassed the five million milestone.

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When properly examined, addresses at the break-even point or those with neither profit nor losses come in at 223,680, or 3.55% of the total in the network.

Addresses that are in loss are pegged at 841,370 or 13.34%, a figure that is comparatively lower than many of its rivals on the market. By comparison, Shiba Inu has over 34.9% of the total addresses in its network in losses.

Dogecoin Profitability Chart Via IntoTheBlock

One unique resilience factor attributable to Dogecoin is its ability to flip unfavorable situations in the long term. The pioneering meme coin has seen its price drop as much as 3.88% in 24 hours to $0.1595 to court the general mark. To cross the breakeven price of $0.160814, Dogecoin would have to soar by about 10%.

This is an easier feat considering the dog-themed meme coin is relatively bullish in the past week, where it registered about a 5% surge.

Meme coin tribute to Kabosu

Dogecoin is maintaining its legacy as the first and largest meme coin by market capitalization. However, the real dog that inspired its creation, Kabosu, has passed on, drawing condolences from the broader crypto ecosystem.

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While this may not directly impact the valuation of DOGE, the close ties to Kabosu send an important message that the most important meme coin is Dogecoin. This, over the long term, may drive more capital into the ecosystem and power a major address profitability boost.

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