Amid the speculative frenzy surrounding meme cryptocurrencies like Dogecoin (DOGE), wallet addresses containing the currency have risen by a whopping 85%.
What is even more interesting is that most Dogecoin investors find themselves in profitable positions. Despite this, there appears to be a collective reluctance to part with their cryptocurrency holdings.
During these moments of today’s trading, Dogecoin recorded an increase of about 0.21% in the last 24 hours, recording a level of $0.156390.
Looking closely at blockchain data provided by IntoTheBlock, a value analysis tool for cryptocurrencies, we find that approximately 85% of Dogecoin addresses are currently in the green zone, indicating profits.
On the contrary, only 12% of addresses are in the loss zone at the current price of Dogecoin, while about 3.3% are hovering around the break-even point.
Although the majority of Dogecoin holders are able to sell their tokens at a profit, there has been a noticeable trend of increasing withdrawals from cryptocurrency exchanges. Over the past seven days, exchanges have seen a net withdrawal of 110 million more Dogecoin tokens than deposits.
This trend extends over the past 30 days, where approximately 62 million DOGE tokens were withdrawn, and in the past 24 hours alone, a surplus of approximately 218 million DOGE tokens was observed.
