DOGE profitability remains at 50% as per IntoTheBlock metrics
Founder of Dogecoin Billy Marcus think nothing has changed in Dogecoin despite the current declines. He argues that Dogecoin is still the same Bitcoin fork with a funny yellow dog mascot regardless of its price.
Markus, in an earlier tweet, recounts how DOGE was created more than eight years ago as a true meme that pokes fun at “idiotic coins.”
As seen on CoinMarketCap, the cryptocurrency market fell under widespread selling pressure on February 24, with most altcoins plunging more than 10%. Dogecoin fell nearly 17% to hit intraday lows of $0.106 before rebounding slightly. Despite the price drop, DOGE’s profitability remains at 50% according to IntoTheBlock metrics.
The IntoTheBlock Holder Composition by Time Held also suggests half or 50% of Dogecoin holders as mid-term investors. Forty-five percent of holders have held their LINK tokens for more than a year, while barely 6% have held them for less than a month.
Price and Adoption of Dogecoin
At the time of writing, DOGE is trading at $0.113 per token, ranking 12th among cryptocurrencies by market capitalization despite falling 17% on the day, according to data from CoinMarketCap.
Dogecoin co-founder Billy Markus recently took to Twitter to share that a new fast food restaurant inspired by the original meme cryptocurrency has emerged in Dubai, and it now accepts DOGE as payment for burgers and soda.
Sling TV, a US-based streaming TV provider and a wholly owned subsidiary of Dish Network, recently announced that it will accept cryptocurrencies through BitPay. Subscribers of the virtual TV provider can now pay for their subscriptions using cryptocurrencies, such as Dogecoin through BitPay.
