As the cryptocurrency market witnesses a robust upswing, Dogecoin has emerged as a standout performer, with a substantial majority of its investors enjoying profitable returns. Data from Altindex reveals that over 88% of Dogecoin holders were in profit as of last week, positioning the digital currency as the second-most profitable in terms of investor gains, closely trailing behind Bitcoin.
The meme-inspired cryptocurrency experienced a remarkable 146% price surge in the first quarter of 2024, skyrocketing from $0.089 to $0.22. This surge translated to nearly $18.5 billion being added to Dogecoin’s market capitalization, marking the highest proportion of profitable Dogecoin addresses in three years. Notably, large investors, commonly referred to as “whales,” constitute over half of the addresses in profit. Additionally, 61% of Dogecoin holders have held onto their investments for over a year, showcasing significant long-term confidence in the asset.
Dogecoin’s performance stands out when compared to other leading cryptocurrencies. According to data from IntoTheBlock, Bitcoin remains the frontrunner, with 96% of its holders reaping profits. Ethereum and TON follow suit, with 87% and 86% of addresses in profit, respectively. While cryptocurrencies like Avalanche and Shiba Inu also witnessed a healthy share of profitable addresses, their extent pales in comparison to Dogecoin.
The surge in enthusiasm for Dogecoin is further reflected in its trading volume, which experienced a sixfold increase in the first quarter of 2024. CoinMarketCap data indicates $141 billion worth of Dogecoin trades during this period, with March alone accounting for $105 billion of that volume.
As Dogecoin continues to garner attention and investment, its remarkable performance amid the broader cryptocurrency market boom underscores its enduring popularity and appeal among investors worldwide.
