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The Dogecoin (DOGE) price has slumped marginally by 0.77% to $0.09309, a price level that appears to be dampening sentiment in the coin’s bid to end the month on a positive note. Despite this bearish trend, Dogecoin’s profitability sits at its highest level for the year, as data from IntoTheBlock pegs this metric at 66.86%.
Yuri MolchanAccording to the data, a total of 3.56 million addresses are in the money, leaving just about 1.4 million addresses out of the money. For Dogecoin, this profitability level is the best recorded in 2023 after long periods of price drawdowns. Unique on-chain metrics from IntoTheBlock spell better omens for Dogecoin as the meme coin race tightens some more.
One of these metrics, the number of active addresses based on profitability, has also soared by a mile. Per the IntoTheBlock data, addresses in this category add up to 6,390, while active addresses out of the money come in at 2,180.
These figures are important for Dogecoin as they help establish its dominance in the evolving world of cryptocurrencies. They also serve as a major prop-up for Dogecoin in its bid to chart a higher price in the near future.
How is Dogecoin surviving the meme coin revolution?
One major trend in the broader crypto ecosystem is a defined meme coin revolution that has seen the emergence of relatively newer entrants like PEPE and BONK, among others.
Gamza KhanzadaevDespite tough competition, Dogecoin is still the best asset of the hoard, as it boasts of a market capitalization of $13,250,806,393, placing it as the 10th largest cryptocurrency at the time of writing. Without much utility to show its long-standing community, Dogecoin is riding the trend based on its first-mover advantage.
With massive whale support, Dogecoin remains the most stable meme coin and arises as a more viable option compared to the more volatile ones around today.
Alex Dovbnya
Dan Burgin