Dogecoin has the Second-Highest Share of Addresses in Profit Behind Bitcoin, 88% as of Last Week

April 7, 1:12 pm

The 2024 crypto bull run, which some think could be the largest crypto space has ever seen, has pushed meme coins back into the spotlight, with Shiba Inu and Dogecoin ending Q1 as the biggest crypto gainers. The two popular meme coins saw their prices surge by 196% and 146% in the three months of the year, bringing impressive gains to their holders.

According to data presented by AltIndex.com, over 88% of Dogecoin investors made money as of last week, the second-highest share after Bitcoin, which brought gains to 96% of its holders.

The Highest Share of Dogecoin Addresses in Profit in Three Years

Dogecoin is undoubtedly enjoying renewed interest in the crypto market, which pushed its price way above the levels seen in the past two years. In the first quarter of the year, the price of a single DOGE coin jumped by an impressive 146%, rising from $0.089 to 0.22, helping the meme coin to add almost $18.5 billion to its market cap.

According to IntoTheBlock data, Dogecoin's recent rally has left over 88% of investors in profit, 37% more than in the same month a year ago, and the highest share in the last three years. Statistics show that more than half of all addresses in profit were large holders, often called "whales." Furthermore, a resilient 61% of DOGE holders have shown long-term faith in the meme coin, holding their investments for over a year.

Dogecoin's fantastic investment return is even more impressive when compared to other top cryptocurrencies. The IntoTheBlock data show only Bitcoin has a higher share of investors making money, 96% as of last week. Ethereum and TON are both behind Dogecoin, with 87% and 86% of addresses in profit, respectively.

Statistics show over 76% of Avalanche addresses have gains, ranking the coin as the fifth-best performer on this list. Shiba Inu is one place behind, with roughly 65% of investors making money, and 25% still having losses. On the other hand, Cardano's share of addresses in profit is close to that with losses, with 51% of investors making money.

Dogecoin's Trading Volume Jumped 6x in Three Months

Besides having the second-highest share of addresses in profit behind Bitcoin, Dogecoin's price rally also significantly drove its trading volume.

According to CoinMarketCap data, the crypto space saw $141 billion worth of DOGE trades in the year's first quarter, a significant increase compared to 2023 figures. Statistics also show March was the top month for Dogecoin trading, with $105 billion in monthly trading volume, or nearly six times more than in the first two months of the year.

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