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Over the past month, the rally on the broader market has triggered an unusual boost for Dogecoin (DOGE) investors. According to data from IntoTheBlock, the total number of addresses holding DOGE that are in profit has jumped over the past month. Despite being 77% below its all-time high (ATH) of $0.7376, this metric proves that holding DOGE is now worth the time.
Dogecoin profitability: the catch
Per the market data, approximately 5.46 million Dogecoin addresses are now in the money. This is more than 85% of the total addresses tracked by IntoTheBlock data. Addresses at the break-even point total 175,000, or 2.76%, while those in loss total 722,720, or 11.38%.
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With the majority in the money, the prospects of a breakout remain relatively high. However, there is also negative pressure that might force DOGE holders to sell off their assets soon. With most already making money, any additional signs of uptrend might be met with a sell-off wall.
This marks a major twist for the meme coin overall. Dogecoin whales must intensify their activities to cement a sustained growth trend in the coming weeks.Â
As of this writing, Dogecoin’s price has decreased by 1.82% in 24 hours to $0.1660. Despite the coin’s generally positive outlook, profitable address owners might be cautious to avoid trend changes. This is a major catch that can fuel unannounced reversals.
DOGE and meme coin leadership
The price of Dogecoin over the past week has showcased its leadership in the meme coin sector. Despite being the oldest, it has continued to command attention through its association with its biggest supporter, Elon Musk.
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The coin is up 17%, compared to 2.56% for Shiba Inu (SHIB), its closest rival based on market capitalization. As the biggest meme coin, Dogecoin has continued to lead the market trend with bulls currently defying all odds to sustain its attractive metrics.
