The price of Dogecoin (DOGE) has slightly dropped to $0.09309, a level that seems to be undermining enthusiasm for the coin’s attempt to close the month strongly. Dogecoin’s profitability is at its highest point of the year, according to statistics from IntoTheBlock, with a 66.86% rate, despite this negative trend.
The data shows that 3.56 million addresses are in the money overall, with only around 1.4 million addresses not in the money. After protracted price declines, Dogecoin’s profitability level in 2023 is the highest ever recorded. Dogecoin is looking better as the meme coin competition gets ever more competitive, according to unique on-chain measurements from IntoTheBlock.
The number of active addresses depending on profitability is one of these measures that has also skyrocketed. Addresses in this category total 6,390, while active addresses outside of the money total 2,180, according to IntoTheBlock statistics.
These numbers are significant to Dogecoin because they support the cryptocurrency’s rise to prominence in the rapidly changing cryptocurrency market. They also act as a significant booster for Dogecoin’s attempt to rise in the foreseeable future.
How is Dogecoin surviving the meme coin revolution?
A significant development in the larger cryptocurrency world is the defined meme coin revolution, which has given rise to a number of relatively recent arrivals, like PEPE and BONK.
Dogecoin, which has a market valuation of $13,250,806,393 and is now ranked as the tenth largest cryptocurrency, is still the finest asset in the hoard despite fierce competition. Dogecoin is capitalising on its first-mover advantage to ride the wave, while having nothing to show for its established community.
Dogecoin is still the most stable meme currency with a lot of whale backing, making it a better choice than the more volatile ones that are currently in circulation.
