Dogecoin Remains Solid As Profitability Surpasses Bitcoin, Ethereum
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Dogecoin is still a strong contender for the attention of cryptocurrency investors who are chasing assets with the most potential. Larger assets and market leaders such as Bitcoin and Ethereum have often provided this for investors with large profit margins, but with the crypto winter, Dogecoin has seen more upside compared to its larger counterparts.
A bear market is a time when a lot of digital assets plunge in price and their profitability can hit new lows. For bitcoin and Ethereum, it has been a rollercoaster year where it fluctuates between the majority being in profit or loss. This time around, both cryptocurrencies are seeing a large part of their holder base being in losses but the same is not the case for Dogecoin.
When Elon Musk had taken over Twitter, it had been a trigger the price of DOGE. The meme coin had rallied more than 100% in a matter of days, peaking at $0.15. Presently, it has lost a good portion of those gains but at $0.08, DOGE holders are having a better time compared to investors in other large cryptocurrencies.
Data from IntoTheBlock shows that while bitcoin and Ethereum investors are seeing less than half of their holders in losses, 57% of all DOGE holders are in profit. It goes heavily against the current trend of losses where even DOGE’s biggest competitor SHIB is seeing only 17% of its holders in profit at current price levels.
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