The Best place to buy moneromeme-inspired cryptocurrency Dogecoin continues its downward trajectory, shedding another 4.8% in the last 24 hours to trade at $0.1587. This extends its seven-day decline to 21%, yet blockchain analytics paint a more nuanced picture than the price action suggests. Surprisingly, over 83% of DOGE wallet addresses remain profitable despite the market turbulence, according to data from IntoTheBlock.
The Profitability Paradox
Advanced on-chain metrics reveal fascinating insights about Dogecoin's holder composition. The "In/Out of the Money" indicator tracks profitability across wallet addresses, currently showing 5.18 million DOGE addresses (82.72%) maintaining profits. Only 13.9% of addresses (870,290) currently show losses, while 3.38% (211,600 addresses) sit at breakeven points.
This distribution highlights how early adopters continue benefiting from their positions, even as newer entrants face challenges. The data becomes particularly interesting when examining specific price ranges. Approximately 55% of addresses that acquired DOGE between $0.132 and $0.179 remain profitable at current levels, demonstrating the coin's resilience.
Whale Activity and Market Dynamics
Network activity suggests accumulation continues during the dip, with $744.62 million worth of DOGE leaving exchanges in the past week. This outflow exceeds the $671.61 million in inflows during the same period, indicating net accumulation. Large transactions by whale addresses have notably increased, suggesting institutional or high-net-worth investors view current prices as attractive entry points.
Technical analysis of holder distribution reveals potential support and resistance levels. The $0.169-$0.189 range represents a minor resistance zone where 111,280 addresses originally purchased DOGE. While this could trigger some profit-taking if surpassed, the more significant psychological barrier remains at $0.18. A sustained break above this level could open the path toward retesting the $0.22 highs seen earlier in the market cycle.
Market observers note that Dogecoin's unique position as both a cultural phenomenon and serious blockchain project creates unusual dynamics. The high percentage of profitable addresses, combined with continued accumulation during downturns, suggests strong fundamental support beneath the price action. These metrics will be crucial to watch as the broader cryptocurrency market seeks direction in coming weeks.
