The first cryptocurrency meme became profitable after a 25% price increase
The profitability of Dogecoin, the top meme currency, has jumped above 50% following the recovery of the cryptocurrency market. According to IntoTheBlock data, at least 52% of all Dogecoin holders are currently in profit while 42% of investors remain “out of the money”.
The profitability of Dogecoin, the main currency for memes, jumped above 50% following the recovery of the cryptocurrency market. According to data from IntoTheBlock, at least 52% of all Dogecoin holders are currently in profit while 42% of investors remain “out of the money”.
The “in/out of the money” indicator is used by traders to determine if the market or an asset is overbought or oversold. Whenever an asset’s profitability reaches 100% traders are more likely to take profits for the sake of derisking their portfolios, compared to a period when 50% of the asset’s holders are in profit.
The fact that Dogecoin’s profitability currently remains at 50% indicates that the asset is moving within the “neutral” price range and is more likely to follow general trends in the cryptocurrency market rather than moving on its own.
The average profitability of Dogecoin has been staying at around 50% since the 70% reversal from the current all-time high of $0.7. According to data from TradingView, Dogecoin is currently trading at $0.15 after losing 8% of its previously gained value.
Previously, the number of Dogecoin holders had reached 540,000 users while the number of coins held by large wallets reached 324 million DOGE valued at around $50 million.
