Dogecoin (DOGE) Sees a Strong Rebound: More Than Half of Addresses are Profitable
Over the past six weeks, the price of Dogecoin has experienced a remarkable recovery of 40%. As a result, more than 50% of all DOGE addresses have returned to a profitable state.
Address Activity Spikes: 22.3% Increase in Just Seven Days
The number of active addresses has spiked by approximately 22.3% in the last seven days. Moreover, there has been a significant increase of around 53.28% in new addresses. However, it is worth mentioning that the number of DOGE addresses without any coins has also grown by 17.47%.
Telegram Sentiment Remains Positive
The sentiment on Telegram regarding Dogecoin remains largely positive, with 469 positive messages and 74 negative messages. However, it is important to note that the number of members in the Dogecoin Telegram group is steadily declining.
Dogecoin Wallet Growth: More Addresses Join the Flock
Despite the decrease in the number of Telegram members, the total number of DOGE addresses continues to rise. In the last 30 days, there has been an average of approximately 4.71 million DOGE addresses.
Retail Investors Account for 33% of DOGE Holdings
The distribution of Dogecoin ownership is encouraging as small investors hold more than a third of the tokens. Meanwhile, around 20% of the token supply is in the hands of 68 large investors.
Large investors, who hold between 0.1% and 1% of the Dogecoin supply, account for approximately 45% of the total tokens. These large investors are spread across ten addresses. On the other hand, the remaining 45% of the total Dogecoin supply is held by whales, which are addresses that possess more than 1% of the token supply.
Over 50% of Dogecoin Addresses in Profit
At present, nearly 55% of Dogecoin addresses are in a profitable position. Approximately 36% of addresses would face a loss if they were to sell their Dogecoin tokens at the current market price, and around 9.4% of addresses are at the break-even point.
Dogecoin’s 40% Price Jump: A Remarkable 6-Week Turnaround
The significant 40% recovery in the Dogecoin price over the past six weeks has led to an increase in the number of addresses that are once again in a profitable position.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.