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Here's One Exciting Thing About Dogecoin's Growth

Mon, 08/07/2023 - 15:32
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Godfrey Benjamin
Dogecoin has recorded more profitable addresses over time despite erratic price outlook
Here's One Exciting Thing About Dogecoin's Growth
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The digital currency ecosystem today is showing gloom across the board, with the combined crypto market cap pegged at $1.16 trillion with a negligible growth rate over the past 24 hours. Dogecoin (DOGE), the crypto industry's premier meme coin, has been caught up in the web of the bearish outlook and has dropped by 0.96% in the past 24 hours and by more than 6% in the past week.

Ancient Dogecoin (DOGE) Address Suddenly Wakes Up

Despite this grand bearish outlook, Dogecoin is showcasing an exciting twist, per data from the crypto analytics platform, IntoTheBlock (ITB). The data from ITB shows a decent percentage of Dogecoin holders are currently "In the Money," a tag used to depict profitability.

It was confirmed that a total of 2.54 million addresses, or 53.05%, are profitable at this time. This metric is particularly intriguing seeing as DOGE has been on a relatively unsteady growth streak for the better part of the past month. In this time span, the top meme coin has recorded a total growth of 12%.

Profitable addresses are complemented by just 2.03 million wallets, or 42.41% that are out of the money, with just about 4% of all addresses on the network holding their coin at no loss.

Dogecoin (DOGE) Reaches 5 Million Active Address Threshold

Gains for future

The utility of Dogecoin is a highly dynamic one that showcases and rewards loyalty in the long run. The exciting fact about the DOGE profitability data is that users who have held the coin for a relatively long period of time are bound to be better off when compared to other top digital currencies in the industry.

Dogecoin has a lot of fundamental backing designed to help power its growth in the near future. One of the top assumptions is the potential role it will play at X, formerly Twitter, with rumors that the social media platform will soon pivot into a payment platform.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.