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Dogecoin Sees Increase in Profitable Addresses, Follows Bitcoin.
Amid the strong rise in the cryptocurrency market, Dogecoin has emerged as a standout player with a significant majority of its investors making profits. Data from Altindex.com shows that more than 88% of Dogecoin holders were in profit as of last week, positioning the digital currency as the second most profitable currency in terms of investor returns, behind Bitcoin.
The meme-inspired cryptocurrency witnessed a significant 146% price increase in the first quarter of 2024, rising from $0.089 to $0.22. This increase added approximately $18.5 billion to Dogecoin's market cap and marked the highest rate of profitable Dogecoin addresses in three years. In particular, large investors, popularly known as "whales", account for more than half of the profitable addresses. Moreover, 61% of Dogecoin holders have maintained their investment for more than a year, demonstrating their long-term confidence in the asset.
Compared to other leading cryptocurrencies, Dogecoin's performance is particularly remarkable. According to IntoTheBlock data, Bitcoin remains at the top with 96% of its holders making a profit. Ethereum and TON follow with addresses making profits of 87% and 86%, respectively. Other cryptocurrencies such as Avalanche and Shiba Inu also saw a healthy share of profitable addresses, though less than Dogecoin.
The enthusiasm for Dogecoin is also reflected in its transaction volume, which experienced a six-fold increase in the first quarter of 2024. CoinMarketCap reported that $141 billion worth of Dogecoin transactions were made during this period, and $105 billion of this volume occurred in March.
