Dogecoin Remains Solid as Profitability Surpasses Bitcoin, Ethereum

Dogecoin is a strong contender for the attention of cryptocurrency investors seeking the highest potential asset. While it has delivered with big profit margins, crypto winter has seen Dogecoin show more gains compared to its larger counterparts.

Majority of Profitable DOGE Holders

A bear market is a time when the price of many digital assets plummets and profitability can reach new lows. It’s been a roller coaster year for Bitcoin and Ethereum, with the majority fluctuating between gains and losses. This time around, both cryptocurrencies have suffered losses for the majority of their owner bases, but not for Dogecoin.

When Elon Musk hijacked Twitter, it triggered the price of DOGE. Memecoin rose more than 100% in just a few days, peaking at $0.15. Although now losing a good chunk of those profits, at $0.08, DOGE holders are having a better time compared to other large cryptocurrency investors.

Data from IntoTheBlock shows that Bitcoin and Ethereum investors are losing less than half of their holders, while 57% of all DOGE holders are profitable. This is in sharp contrast to current loss trends where even DOGE’s biggest competitor, SHIB, is only profiting at 17% of his holders at current price levels.

57% of DOGE holders in profit | Source: IntoTheBlock

Memecoin also boasts a large base of long-term holders, with 69% of all investors holding the token for more than one year. Due to these factors, sentiment regarding Dogecoin is also very bullish compared to the rest of the market.

Will Dogecoin get my $0.1 back?

So far, Dogecoin has done very well, but there is still speculation about where the price will go from here. At this point, however, DOGE is still under negative pressure due to the uncertainty that currently surrounds Twitter.

Despite this, DOGE continues to move above the 100-day moving average. This shows a strong buy signal for the digital asset even at the current price. Dogecoin’s next resistance level is currently at the $0.9 level, and if the buying continues, DOGE can easily test these levels.

There is also DOGE support at the $0.08 level, which should help the bears if they try to regain control. Dogecoin’s ability to maintain such high profitability in uncertain times lends credence to what billionaire Elon Musk said about Memecoin.

Featured image from Moneycontrol, chart from TradingView.com

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