Dogecoin (DOGE) Remains Profitable Despite 30% Market Correction: Details
Dogecoin’s profitability is still at a decent level despite the most recent market turmoil
The first memecoin in the cryptocurrency market, Dogecoin is showing a decent level of profitability despite the correction in the cryptocurrency market. Compared to Bitcoin, DOGE has lost less of its value with adjusted volatility, per IntoTheBlock†
As the data suggests, the profitability of the memecoin is currently at around 53%, placing Dogecoin well above the majority of the cryptocurrency market. Shiba Inu, the biggest competitor in 2021, shows much less profitability for investors at 31%.
Fifty percent or more profitability of a digital asset shows healthy supply distribution and usually shows a stable future for the asset. Dogecoin’s profitability has been around the 50% level for a long time, although it has lost more than 80% asset since the ATH.
A relatively high level of profitability is caused by the volume of entries made by investors during the cryptocurrency’s withdrawal. On its way down, DOGE gave investors numerous excuses to get in, including Elon Musk’s “promotional” tweets, Tesla’s push to accept Dogecoin as payment for EVs, and other events that fueled Dogecoin’s popularity.
Additional on-chain indicators show bearish tendencies in the near term with a decline in large transactions on the network and negative network growth, which is currently at the negative 0.15%.
Both factors are linked to the general trend in the cryptocurrency market, which has lost billions in capitalization as more traders and investors leave the space for better times. In the past 48 hours, Bitcoin has fallen below $30,000 while currencies like Ethereum are losing more than 10% of their value.