Bitrabo Editorial
Following a significant drop in the price of Dogecoin due to the decline in Bitcoin price, the profitability of Dogecoin holders has been affected. Despite this, a majority of DOGE holders remain in a profitable position, showcasing the resilience of this meme coin.
Current Dogecoin Profitability Stats
With Dogecoin’s price falling to $0.1, the profitability for DOGE holders has also dipped. However, the profitability level remains relatively high compared to other major cryptocurrencies. Data from IntoTheBlock indicates that 73% of Dogecoin holders are currently making profits at the present prices.
On the other hand, only 26% of DOGE holders are experiencing losses, with a mere 2% at breakeven. This data translates to 4.65 million Dogecoin addresses in profit, 1.64 million seeing losses, and 105,260 wallets breaking even.
The current profitability levels for Dogecoin are among the highest seen in 2024, nearing the peak of 88.89% on March 29 when the price surged above $0.2.
Decline in Large Dogecoin Transactions
Alongside the price drop, the volume of large transactions involving Dogecoin has also decreased. In early August, there was a notable increase in large DOGE transactions, peaking at 1,630 in a single day. However, this number has significantly dropped as August progressed.
By August 11, the total large transactions fell below 1,000 to 938, indicating a reduced engagement from major investors. Additionally, the volume of these large transactions has decreased from $1.52 billion to $607.48 million.
Amidst these changes, Dogecoin’s volatility has remained high, surpassing 79%. This volatility has been reflected in the market through erratic price fluctuations. If this trend continues, we can expect continued unpredictability in Dogecoin’s price movements.