A recent analysis by IntoTheBlock reveals a significant historical trend among Dogecoin (DOGE) holders. According to the data, a large portion of DOGE addresses have consistently stayed profitable. This finding, highlighted by a post from ALTCOIN DADDY, emphasizes Dogecoin’s unique position in the cryptocurrency market.
The latest statistic as of February 5, 2024, shows that 4.84% of the DOGE addresses are in the money. This translates to approximately 2.86 million addresses with profitable Dogecoins in their wallets. This trend is noteworthy especially when compared to other altcoins whose holders incur losses when the market declines.
Is This the Time to Take a Long Position on DOGE? Analyst’s InsightsHistorical data shows that the percentage of DOGE addresses in profit has rarely fallen below 40%. This shows that there is strong accumulation among the Dogecoin investors which means that there is a strong holding pattern. In the periods of market growth in 2018 and 2021, many DOGE addresses were in the profit zone. These peaks correlate with significant occurrences and bull runs in the cryptocurrency market.
The data also shows times when a large number of DOGE addresses were out of the money. The highest percentage of addresses at a loss in this study was 72.62% in October 2015. Nevertheless, since then, the percentage of addresses without at a loss has not reached such high values again. This suggests a level of resilience among Dogecoin holders that is uncommon in the volatile world of cryptocurrencies.
During bear markets, it is common for over 90% of altcoin holders to be at a loss. Dogecoin, however, shows a contrasting trend. The consistent profitability of DOGE holders highlights a unique market behavior. This could be due to the strong community support and the meme-driven nature of Dogecoin, which differentiates it from other cryptocurrencies.
The ALTCOIN DADDY post sheds light on this aspect of Dogecoin’s market performance. It underscores how DOGE holders have managed to remain profitable through various market cycles. At press time, Dogecoin (DOGE) is trading at $0.136 with a 24-hour trading volume of $847.37M and a market cap of approximately $19.79B billion, positioning it at rank 8.
