NEW YORK – Amidst a strong recovery in the cryptocurrency market, an extraordinary performance has emerged, with a significant majority of its investors benefiting from the profits. Data from Altindex.com indicates that over 88% of Dogecoin holders were in profit last week, positioning the digital currency as the second most profitable in terms of investor earnings, close behind.
The meme-inspired cryptocurrency saw a substantial 146% price increase in the first quarter of 2024, rising from $0.089 to $0.22. This surge added nearly $18.5 billion to Dogecoin’s market capitalization and marked the highest percentage of profitable Dogecoin addresses in three years. In particular, large investors, colloquially known as “whales,” account for more than half of profitable addresses. Furthermore, 61% of Dogecoin holders have maintained their investments for over a year, demonstrating considerable long-term confidence in the asset.
Compared to other major cryptocurrencies, Dogecoin’s performance is particularly noteworthy. According to data from IntoTheBlock, Bitcoin remains the leader with 96% of its holders making profits. and TON follow with 87% and 86% of profitable addresses respectively. Other cryptocurrencies have also seen a fair share of profitable addresses, albeit to a lesser extent than Dogecoin.
The enthusiasm for Dogecoin was also reflected in its trading volume, which saw a six-fold increase in the first quarter of 2024. CoinMarketCap recorded $141 billion worth of Dogecoin trades during this period, of which $105 billion billion dollars in March.
This article is based on a press release.
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