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The Dogecoin price saw a notable plunge over the last day following the Bitcoin price decline. As a result of this, the profitability of Dogecoin holders has declined. However, the majority of DOGE holders continue to be in profit even through these turbulent times, which is a testament to the strength of the meme coin.
Dogecoin Profitability Remains Above 70%
With the Dogecoin price decline to $0.1, there has been a drop in profitability for DOGE holders. Nevertheless, the profitability remains high, especially compared to other large cap cryptocurrencies. According to data from IntoTheBlock, 73% of all Dogecoin holders are currently seeing profit at current prices.
On the flip side of this is the number of DOGE holders in loss, which has remained low despite the price decline. The data shows that only 26% of all holders are seeing losses at this price. This puts only 2% at breakeven, meaning that the price is currently sitting at where they purchased their coins.
What these percentages represent is that a total of 4.65 million Dogecoin addresses are currently recording a profit. Next on the list is the number of wallets that are “Out Of The Money,” which comes out to 1.64 million addresses. This leaves 105,260 wallet sitting at breakeven.
The current levels represent one of the highest levels that Dogecoin’s profitability has been in the year 2024. It is only a small way away from the March 29 high of 88.89% when the DOGE price climbed above $0.2 to reach a new yearly peak.
DOGE Large Transaction Volume Takes A Nosedive
The Dogecoin large transaction volume has also seen a decline alongside the price. In the first week of August, there had been a major uptick in the number of large DOGE transactions, reaching as high as 1,630 transactions in a single day. However, as the month progressed, this number declined significantly.
As of August 11, the total large transactions had dropped below 1,000 to 938 transactions, suggesting a decline in participation from large investors. During this time, the large transaction volumes have fallen from $1.52 billion to $607.48 million.
During this time, the Dogecoin volatility has also remained high, continuing to maintain its figure above 79%. This volatility has been seen playing out in the market as the price has fluctuated wildly as well. If the volatility continues to climb, then the DOGE price could see some wild swings from here on out.
Featured image created with Dall.E, chart from Tradingview.com
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