Dogecoin Remains Solid As Profitability Surpasses Bitcoin, Ethereum


Dogecoin remains a strong contender for the attention of cryptocurrency investors looking for assets with the most potential. Larger assets and market leaders such as Bitcoin and Ethereum have often provided this to investors with large profit margins, but with the crypto winter, Dogecoin has seen more upside compared to its larger counterparts.

Most DOGE holders make profit

A bear market is a time when many digital assets crash and their profitability can hit new lows. For bitcoin and Ethereum, it’s been a rollercoaster year where it fluctuates between most in profit or most in loss. This time, both cryptocurrencies are experiencing losses across much of their holder base, but the same is not true of Dogecoin.

When Elon Musk took over Twitter, it was a DOGE price trigger. The meme coin was up more than 100% in a matter of days, peaking at $0.15. Currently, it has lost a good chunk of those gains, but at $0.08, DOGE holders are having a better time compared to investors in other major cryptocurrencies.

Data from IntoTheBlock shows that while Bitcoin and Ethereum investors see losses to less than half of their holders, 57% of all DOGE holders are in profit. It goes largely against the current losing trend where even DOGE’s biggest competitor SHIB only sees 17% of its holders in profit at current price levels.

57% of DOGE holders in profit | Source: IntoTheBlock

The meme coin also boasts a large long-term holder base with 69% of all investors having held their tokens for more than a year. Sentiments around Dogecoin are also quite bullish compared to the rest of the market due to these factors.

Will Dogecoin get $0.1 back?

For now, although Dogecoin is doing quite well, there is still speculation as to where the price could go from here. A price point of $0.1 is not unreasonable for the digital asset. However, there are still negative pressures on DOGE at the moment due to the uncertainties currently surrounding Twitter.

Dogecoin Price Chart from TradingView.com

However, DOGE continues to hold above its 100-day moving average. This shows strong buy signals for the digital asset even at current prices. The next resistance level for Dogecoin is currently at the $0.9 level and if the buying continues DOGE could easily test these levels.

There is also good support for DOGE at the $0.08 level, which would be helpful if the bears try to regain control. Dogecoin’s ability to maintain such high profitability even in uncertain times lends credence to what billionaire Elon Musk said about the meme coin. one of the cryptocurrencies with a great future.

Featured image from Moneycontrol, chart from TradingView.com

To follow Best Owie on Twitter for market information, updates and the occasional funny tweet…