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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.
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.
? The top 4000 #BSC whales are hodling
— WhaleStats - the top 1000 BSC richlist (@WhaleStatsBSC) May 19, 2022
$189,954,352 $GMT
$92,055,731 $AVAX
$63,073,777 $DOME
$28,396,426 $DOGE
$27,814,519 $TRX
$24,107,287 $MATIC
$23,826,804 #MetaWar
$20,269,558 $DOT
Whale leaderboard ?https://t.co/CnPsLVEsdP pic.twitter.com/cLtNSDJaMT
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.
Arman Shirinyan
Vladislav Sopov
Dan Burgin