Dogecoin Profitability Soars Despite Price Dip: 83% of Addresses in the Green

Dogecoin (DOGE) may be down on its luck price-wise, but according to IntoTheBlock (ITB) data, it’s one of the most profitable cryptocurrencies to hold right now. Their analysis pegs DOGE’s profitability at a whopping 83.12%.

Breaking Down the Numbers

• Over 5.24 million DOGE addresses are currently in profit, with an average maximum profit price of $0.149375. This coincides with DOGE recently surpassing the 5 million profitable address mark.
• Only 3.55% of addresses (223,680) are at the break-even point, meaning they haven’t gained or lost money on their DOGE holdings.
• Interestingly, only 13.34% (841,370) of addresses are in loss, a significantly lower percentage compared to many competitors. Shiba Inu (SHIB), for example, has over 34.9% of its addresses underwater.

Dogecoin’s Resilience

One of DOGE’s unique strengths seems to be its ability to bounce back from price drops in the long run. While the recent 24-hour price dip saw DOGE fall to $0.1595, a 10% increase would be enough to push it back above its break-even point of $0.160814.

This feat is more realistic considering DOGE’s bullish performance over the past week, where it saw a 5% price surge.

A Meme Coin Legacy

Dogecoin remains the undisputed king of meme coins, holding the top spot by market capitalization. However, the recent passing of Kabosu, the real-life Shiba Inu who inspired DOGE’s creation, has brought an outpouring of condolences from the crypto community.

While Kabosu’s passing may not directly affect DOGE’s price, it reinforces the strong association between the dog and the meme coin. This connection could potentially attract more investment to the DOGE ecosystem in the long run, further boosting address profitability.

Dogecoin Price Predictions for 2024

• Changelly predicts a maximum price of $0.167 for DOGE in 2024, potentially reached by August. This aligns with current price levels, suggesting a possible consolidation period. However, Changelly also anticipates a price drop towards the end of the year, reaching $0.118 by December.
• Telegaon offers a more optimistic outlook, with a maximum price prediction of $0.59 for DOGE in 2024. This would represent a significant growth of around 268.7% from current levels.