Despite Recent Price Crash, 73% of Dogecoin Investors Still in Profit

Despite a notable drop in Dogecoin price, 73% of DOGE holders remain in profit. However, large transaction volumes have declined, indicating reduced activity from major investors amid high market volatility.

The recent decline in Dogecoin (DOGE) price has led to concerns among investors, yet the majority of DOGE holders are still in profit, showcasing the resilience of this popular meme coin. Dogecoin’s price has dropped to $0.1 following a broader market decline led by Bitcoin, but data from IntoTheBlock indicates that 73% of all DOGE holders remain profitable at current prices.

This leaves 26% of holders in a loss position, with only 2% of holders at breakeven. These figures translate to approximately 4.65 million Dogecoin addresses currently recording a profit, while 1.64 million addresses are in the red, and 105,260 wallets are at breakeven.

Despite the price drop, the profitability level of DOGE holders is relatively high compared to other large-cap cryptocurrencies. The current profitability is just slightly below the year’s peak on March 29, when Dogecoin reached $0.2 and saw 88.89% of holders in profit.

However, the market’s confidence has been shaken as large transaction volumes have seen a significant decline. Earlier in August, there was a surge in large Dogecoin transactions, peaking at 1,630 transactions in a single day. But by August 11, this figure had dropped to 938 transactions, with the total transaction volume falling from $1.52 billion to $607.48 million.

The drop in large transaction volume suggests that big investors may be pulling back or re-evaluating their positions in Dogecoin amidst ongoing market volatility. The cryptocurrency’s volatility has remained above 79%, indicating that the DOGE price could continue to experience significant fluctuations in the near term.

As Dogecoin navigates these turbulent market conditions, its high profitability among holders reflects a strong community belief in the coin, even as the market presents new challenges.

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