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

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Fri, 05/20/2022 - 15:33
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Tomiwabold Olajide
On-chain signals are showing bullish indications for the largest meme cryptocurrency
Dogecoin Profitability Increases to 53%, On-Chain Signals Hint at Bullish Indications
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According to IntoTheBlock data, the profitability of the largest meme cryptocurrency, Dogecoin (DOGE), has slightly increased to 53%, after dropping below 50% following price declines earlier in May. Also, on-chain signals are showing bullish indications for the largest meme cryptocurrency following the latest increase in profitability and concentration of holders.

IntoTheBlock
Dogecoin On-Chain Signals, Courtesy: IntoTheBlock

Per IntoTheBlock's holders' composition by time held, Dogecoin "hodlers," referring to addresses that have held Dogecoin for more than a year, is presently 62%. Presently, 33% of addresses have held the asset for a year, while 4% have held onto their assets for barely less than a month. 

The greater chunk of Dogecoin holders being mid-and long-term holders might suggest that Dogecoin may have been seeing buying pressure from this class.

Dogecoin recent developments

TAG Heuer, a Swiss luxury watchmaker, has announced that it is now accepting cryptocurrencies, "Dogecoin inclusive," as payment through a partnership with BitPay, according to a press release. TAG allows customers up to $10,000 per transaction, with no minimum spending requirements for cryptocurrencies.

Earlier in the week, the stock trading platform Robinhood stated that its new noncustodial "Robinhood 3" wallet would allow users to hold the keys to their crypto, earn yield, and trade or swap crypto, including non-fungible tokens, without paying network fees. 

This might mean Dogecoin owners on Robinhood will soon be able to trade or swap Dogecoin with no network costs.

Dogecoin remains one of the top 10 holdings for the top 4,000 BSC whales who are currently "hodling" $28,396,426 worth of DOGE.

At the time of publication, Dogecoin was trading down 1.83% at $0.084.

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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.