Dogecoin is arguably the most popular meme coin in all of cryptocurrency. It boasts the best market cap and price per coin among all meme assets. Now, the dog-themed currency is showing its strength amongst holders, with data revealing it is the leading meme coin by current holders in profit.
According to data from IntoTheBlock, a majority of Dogecoin holders are sitting in profits. DOGE has the highest number of addresses that are in the green among all meme coins. According to the report, 72% of DOGE holders are currently in profits. The new data is interesting considering how DOGE has fared in 2024. Some meme coin analysts feel that the token has underperformed compared to rivals. Shiba Inu, Floki, and other meme coins have performed very well at various points of the year.
During the March 2024 crypto boom, multiple cryptocurrencies performed extremely well thanks to Bitcoin. However, DOGE was rather late to the party, not experiencing immediate gains. Furthermore, the eventual gains weren’t as high as forecasts predicted. Trading volume throughout 2024 has remained high, but the asset has failed to surge correspondingly.
Also Read: Dogecoin Gains 18% In 7 Days: Can DOGE Reclaim $0.14?
However, despite this, holders remain in profit, and likely won’t move their Dogecoin till a catalyst occurs. Since this time last year, the asset has increased more than 38% to reach its current $0.106 level. Yet, there could be much more on the way if a spark comes. The asset is facing a bearish outlook amid that fact, but it can be invalidated at $0.13, which notes a critical moment. The asset has to find a way above that.
If it does, DOGE could threaten the surge to $1 that so many traders have hoped for. Pseudonymous user Cryptorphic took to X (formerly Twitter) to discuss the asset’s potential. Specifically, they noted it maintains the potential to 10x on its way to approaching the dollar mark.
Therefore, Dogecoin holders may be due for even more profits than they are currently sitting on. The next few weeks closing out August will be big for the coin’s immediate future.
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