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Despite the decline... Dogecoin manages to provide profits to traders... How?

Ironically, amid the speculative frenzy surrounding meme-inspired cryptocurrencies like Dogecoin (DOGE), wallet addresses holding the coin have increased by 85%.

What's even more interesting is that most Dogecoin investors find themselves in profitable positions. Despite this, there appears to be a collective reluctance to part with their Dogecoin holdings.

Dogecoin bullish trend: 90% of addresses are profitable

Taking a close look at blockchain data provided by IntoTheBlock, a valuable cryptocurrency analysis tool, we see that around 85% of Dogecoin addresses are currently in the green zone, indicating profits.

Dogecoin Price Breakdown
Dogecoin price breakdown. Source: In the block

Conversely, only 12% of addresses are in the loss zone at the current DOGE price, while around 3.3% of addresses are hovering around the break-even point.

Cryptocurrency exchanges face significant declines amid investor gains

Although the majority of Dogecoin holders were able to sell their tokens at a profit, a notable trend was observed. To increase withdrawals from digital currency exchanges. Over the past seven days, exchanges have seen net withdrawals of 110 million more DOGE tokens than deposits.

Read more: How to buy Dogecoin? Three simple methods for beginners

This trend has extended over the past 30 days, with approximately 62 million DOGE tokens withdrawn, and in the past 24 hours alone, a surplus of approximately 218 million DOGE tokens has been observed. Generally Noted This styleUpside down, As individuals tend to transfer the tokens they intend to sell to exchanges.

Net Flows to Dogecoin Cryptocurrency Exchanges
Net flows to cryptocurrency exchanges. Source: In the block

It may be better to transfer them to a private wallet for those looking to hold onto their tokens rather than selling them.

Dogecoin Network Sees New Growth

Since the start of the year, the Dogecoin network has shown strong growth. Over the past 30 days, an average of 6.3 million DOGE addresses have been registered, each holding a Dogecoin balance.

InToTheBlock Dogecoin On-Chain Analysis
Number of DOGE addresses. Source: In the block

Slight decrease A decrease in network activity has been observed recently

Conversely, activity on the Dogecoin network saw a slight decline. Over the past seven days, there has also been an approximately 12.73% decrease in the creation of new addresses, as well as an approximately 8% decrease in the percentage of active addresses.

Dogecoin Network Activity Dogecoin by IntoTheBlock
DOGE network activity. Source: In the block

Interestingly, there was an increase of around 1% in the number of Dogecoin addresses without DOGE balances.

Retail Investors Own Over 33% of Dogecoin

In the world of Dogecoin, a select few large investors hold a significant percentage of ownership of the token. Approximately 77 entities hold stakes ranging from 0.1% to 1% of the total tokens, together representing approximately 21.3% of the total supply.

Additionally, there are 9 significant “whale addresses” that together account for approximately 42.5% of all Dogecoin and each individually owns over 1% of the available tokens.

Ownership by type Dogecoin
Ownership by type of Dogecoin. Source: In the block

For smaller-scale investors, each holding less than 0.1% of the total Dogecoin supply, only about 36% of the total Dogecoin supply remains their property.

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الأسواق,DOGE,العملات الرقمية,العملات المشفرة