Dogecoin is arguably the most popular meme coin of all cryptocurrencies. It has the best market cap and unit price of all meme assets. Now, the dog-themed currency is showing its strength among holders, with data showing that it is the meme coin with the most profit to holders right now.
According to data from IntoTheBlock, most Dogecoin holders are in profit. Of all the meme coins, DOGE has the most profitable addresses. According to the report, 72% of DOGE holders are currently in profit. The new data is interesting considering DOGE's performance in 2024. Some meme coin analysts believe that the coin is underperforming compared to its competitors. Shiba Inu, Floki, and other meme coins have performed very well at different points in the year.
During the crypto boom in March 2024, multiple cryptocurrencies performed extremely well, driven by Bitcoin. However, Dogecoin was a late entry and did not rise immediately. Moreover, the final increase was not as high as predicted. Trading volumes remained high throughout 2024, but the asset failed to surge accordingly.
However, despite this, holders are still taking profits and will most likely not move their Dogecoin until a catalyst appears. Since this time last year, the asset has risen by over 38% to reach the current $0.106 level. However, if a spark appears, there could be more. The fact that the asset faces a bearish outlook, but it could fail at $0.13, suggests that this is a critical moment. The asset must find a way above this level.
If this is the case, then DOGE could reach the $1 that many traders are looking for. Anonymous user Cryptorphic discussed the potential of the asset on X (formerly Twitter). Specifically, they noted that DOGE still has 10x potential on its way to the USD mark.
Therefore, Dogecoin holders may be about to make more profits than they have so far. The next few weeks at the end of August will be crucial for Dogecoin’s near-term prospects.
