- Dogecoin (DOGE) might be experiencing an immediate price plunge, but it is arguably one of the most profitable digital currencies to hold at this time.
- According to crypto analytics platform IntoTheBlock (ITB), DOGE’s profitability stands at exactly 83.12%.
- This profitability figure pegs the total addresses in profit at 5.24 million, with the average maximum profit price mark set at $0.149375.
Discover why Dogecoin remains one of the most profitable digital currencies despite recent price fluctuations. Learn about its address profitability, market resilience, and future outlook.
Dogecoin Address Profitability Outlook
The profitability figure pegs the total addresses in profit at 5.24 million, with the average maximum profit price mark set at $0.149375. These profitable addresses came shortly after DOGE surpassed the five million milestone.
Address Distribution and Market Comparison
When properly examined, addresses at the break-even point or those with neither profit nor losses come in at 223,680, or 3.55% of the total in the network. Addresses that are in loss are pegged at 841,370 or 13.34%, a figure that is comparatively lower than many of its rivals on the market. By comparison, Shiba Inu has over 34.9% of the total addresses in its network in losses.
One unique resilience factor attributable to Dogecoin is its ability to flip unfavorable situations in the long term. The pioneering meme coin has seen its value drop as much as 3.88% in 24 hours to $0.1595 to court the general market. To cross the breakeven price of $0.160814, Dogecoin would have to soar by about 10%.
This is an easier feat considering the dog-themed meme coin is relatively bullish in the past week, where it registered about a 5% surge.
Meme Coin Tribute to Kabosu
Dogecoin is maintaining its legacy as the first and largest meme coin by market capitalization. However, the real dog that inspired its creation, Kabosu, has passed on, drawing condolences from the broader crypto ecosystem.
Impact on Dogecoin’s Valuation
While this may not directly impact the valuation of DOGE, the close ties to Kabosu send an important message that the most important meme coin is Dogecoin. This, over the long term, may drive more capital into the ecosystem and power a major address profitability boost.
Conclusion
Dogecoin continues to demonstrate its resilience and profitability in the volatile crypto market. With a significant percentage of addresses in profit and a strong community backing, DOGE remains a noteworthy digital currency. The passing of Kabosu, the inspiration behind Dogecoin, may further solidify its status and attract more investors. As the market evolves, Dogecoin’s ability to adapt and thrive will be crucial for its sustained success.
