According to U.Today, despite a recent 8% drop in price, the majority of Dogecoin holders are still in profit, as indicated by a key on-chain metric. At the time of writing, Dogecoin had fallen 7% in the last 24 hours to $0.1496, reflecting the broader market sell-off that saw Bitcoin drop below the $64,000 mark. Data from IntoTheBlock shows that a significant 83% of Dogecoin holders are currently in profit, demonstrating the resilience and confidence of these holders amidst market volatility.
In a recent post, IntoTheBlock shared a chart showing the percentage of holders in profit across several top layer-1 networks. While Bitcoin and TRX have a larger proportion of their holders in profit, Dogecoin and Ethereum are among the few layer-1 blockchains that also have the majority of holders in profit, at 83% and 81% respectively.
The wider crypto market is experiencing a sell-off, with most cryptocurrencies, particularly those in the top 100, posting losses between 4% and 20%. Dogecoin was not immune to the bearish market trend, falling to intraday lows of $0.148 from a previous day high of $0.169. Despite the price dip, the holder profitability metric has provided a glimmer of hope for Dogecoin holders, indicating that a significant majority of them are still in the green. Currently, Dogecoin holder profitability stands at 82%, according to IntoTheBlock, a slight decrease from the 83% previously mentioned.
This suggests that a large portion of Dogecoin holders bought their tokens at lower prices and are currently making a profit, even amidst the recent market uncertainty. This resilience among Dogecoin holders reflects their strong belief in the long-term potential of the cryptocurrency and their willingness to endure short-term price fluctuations. The percentage of long-term holders, defined as those who have held their coins for more than a year, is currently 65%, according to IntoTheBlock data.