52% of Dogecoin addresses are in profit

Despite the wide correction in the value of cryptocurrencies, the majority of Dogecoin (DOGE) holders are still in profit.

According to data from IntoTheBlock, most DOGE buyers were unaffected by the recent crash. The survey points out that a total of 52% of Dogecoin addresses are “profiting” on their investments.

This occurs despite the fact that dogecoin remain nearly 90% below the May 2021 peak of around $0.73.

IntoTheBlock’s In/Out of the Money provides data on when investors bought the cryptocurrency. It shows the percentage of addresses that are making a profit, breaking even, or losing money at the current price.

In addition, indicators analyze unrealized profits and losses by holders.

Despite the 52% of addresses in profit, 46% of the remaining addresses are at a loss. Meanwhile, only 2% are tying. So, compared to BTC and other altcoins, DOGE’s result is one of the best on the market.

As for the price, DOGE rebounded from lows of $0.04 on June 18 and recorded 6 days of positive action. The bears sold near the daily MA 50 for nearly $0.077 on June 27.

However, this Wednesday (29), Dogecoin dropped more than 4% back to $0.067, but maintains a high of 6.21% for the week.

Analyst Tomiwabold Olajide points out that bulls could gain the upper hand in the short term and push up the price of DOGE.

“If buyers push the price above the MA 50 by $0.077, DOGE could move up to $0.09 and then $0.10,” he said.

However, the bulls’ task may not be so easy. That’s because the entire crypto market is in a slump right now.

As Olajide pointed out, the market is still being affected by several macroeconomic factors. Chief among them is the fear of a recession in the United States.

The analyst said investors fear continued high inflation and central bank actions to contain the scenario.