Despite the recent drop in the price of Dogecoin, around 73% of the cryptocurrency's holders are still in profit, which shows the resilience of the meme coin in a volatile market.
Data from IntoTheBlock reveals that 73% of Dogecoin holders remain in profit at this level, indicating strong profitability compared to other major cryptocurrencies, even amid the downturn.
Only 26% of Dogecoin holders are currently experiencing losses, and 2% are neither in profit nor in loss, having purchased their DOGE at current price levels. This suggests that a relatively small portion of Dogecoin investors are facing losses despite the price decline.
Specifically, approximately 4.65 million Dogecoin addresses are in profit, while 1.64 million are in loss. The remaining 105,260 wallets are at zero profit. This data underscores the generally positive outlook for Dogecoin investors, even during periods of market volatility.
Current profitability levels for Dogecoin are among the highest seen through 2024. The last time profitability was this high was on March 29, when 88.89% of holders were in profit as DOGE surpassed $0.2, reaching a new yearly high.
In addition to the drop in price, there has been a noticeable decrease in large transaction volumes. In early August, Dogecoin saw a sharp spike in large transactions, reaching 1,630 in a single day. By August 11, however, that number had dropped below 1,000, signaling reduced activity from large investors. The total volume of these transactions also fell sharply, from $1.52 billion to $607.4 million, reflecting a broader trend of reduced engagement among large DOGE holders.
Despite the decrease in large transactions, Dogecoin volatility remains elevated, exceeding 79%. This high volatility has led to significant price fluctuations, and if it continues to rise, further unpredictable price movements for Dogecoin could follow.
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