Dogecoin (DOGE) is ending the first quarter of 2021 on a mild note despite the combined market cap of the entire cryptocurrency market hovering above the $1 trillion mark. The meme coin's price has risen by only 8.02% in the year-to-date period, a growth trend that does not coincide with the positive volatility Dogecoin is typically known for. However, an analysis of on-chain metrics reveals that more than 54% of addresses with Dogecoin are actually in profit. A total of 2.33 million addresses fall into this category, leaving only 41% of holders in loss. This demonstrates that investors are being rewarded for their commitment to DOGE, regardless of the gloom covering the digital currency market in the past three months.
Although Shiba Inu (SHIB) has recorded more impressive growth figures than Dogecoin over the past quarter, investors are still cautious of meme coins. For the premier meme coin to perform better in the second quarter, it must look to innovate and introduce utilities that can drive more adoption. Moves such as targeted partnerships with high-growth brands around the world, much like those taken by Shiba Inu and Shibarium, may be necessary to further extend the reach of its ecosystem. With the right strategies and actions, Dogecoin stands a chance to outperform other altcoins in the top 20 rank for Q2.
Ivanna Patel
- 2023-03-31
Dogecoin DOGE Profiting Even Without Price Rise
Dogecoin's price has risen by only 8.02% in the year-to-date period, a trend that does not quite match up to the meme coin's typically positive volatility. On-chain metrics, however, show that more than 54% of addresses with Dogecoin are in profit, indicating investors have been rewarded for their commitment.
