The post Dogecoin Dominates Memecoin Market with 72.75% Profitability Rate, Surpassing SHIB, FLOKI, and PEPE appeared on BitcoinEthereumNews.com.

Dogecoin remains the leading memecoin by market cap, even amidst rising competition from new cryptos. Data reveals significant accumulation and long-term holding at lower price points, indicating investor confidence. According to recent reports, Dogecoin boasts the highest profitability among major memecoins, with 72.75% of holders in profit. Discover why Dogecoin continues to dominate the memecoin market, boasting high profitability and significant investor confidence. Dogecoin’s Unmatched Dominance and Profitability in the Memecoin Market Despite fierce competition, Dogecoin maintains its position as the most dominant memecoin based on market cap. Recent data from IntoTheBlock reveals that Dogecoin leads in profitability compared to other popular memecoins like FLOKI, PEPE, and SHIB. As of the latest analysis, 72.75% of Dogecoin holders are in profit, even though the cryptocurrency trades at an 85% discount from its all-time high. Investor Confidence and Accumulation Trends One of the critical insights from the data is the substantial number of holders who have accumulated Dogecoin at lower price levels. This trend is indicative of robust investor confidence, with many believing in Dogecoin’s potential for future gains. The behavior mirrors the continued attention Bitcoin receives, highlighting Dogecoin’s status as a pioneer in the memecoin sector. On-Chain Data Highlights Long-Term Holding Behavior Analyzing the on-chain data, it is evident that a significant portion of Dogecoin holders are in it for the long haul. As of the latest figures, 4.63 million addresses (72.4%) are profitable, while 168 million addresses (26.85%) are not. Just over 86,000 addresses are at the breakeven point. Notably, more than half of the addresses have been profitable since early this year, fueled by a major rally in February. This indicates that many investors accumulated Dogecoin during its price consolidation phase from May 2022 to February 2024. Whale Accumulation and Growing Holder Base Further analysis shows that the number…

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Filed under: News - @ August 16, 2024 4:17 am