Dogecoin's Profitability Surges, Exceeding Three Million Profitable Addresses
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Based on the available data, it is evident that a significant number of addresses, totaling 3.56 million, are currently in a profitable position, leaving approximately 1.4 million addresses out of the money. This marks a notable achievement for Dogecoin, as this level of profitability stands as the highest recorded in 2023, following extended periods of price downturns. As the competition among meme coins intensifies, unique on-chain metrics from IntoTheBlock paint a promising picture for Dogecoin.
Among these metrics, the number of active addresses based on profitability has experienced a substantial increase. According to IntoTheBlock, the count of addresses falling into this profitable category has surged to 6,467, while active addresses in the out-of-the-money category amount to 2,171. These statistics play a crucial role in establishing Dogecoin's prominence within the dynamic realm of cryptocurrencies. Furthermore, they serve as a significant support for Dogecoin's aspirations to achieve a higher price in the immediate future.
Amidst Intense Competition between other meme coins, Dogecoin Emerges as a Leading Asset with a Market Capitalization of $13,096,707,974, Securing the 10th Position Among Cryptocurrencies.
Despite Limited Utility, Dogecoin Sustains Momentum Through its First-Mover Advantage and Finds Stability with Substantial Whale Support, Positioning Itself as a Preferred Choice Amidst the Current Volatility in the Meme Coin Market.
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