While Dogecoin (CRYPTO: DOGE) has many naysayers, on-chain data clearly shows an overwhelming majority of its holders are profiting off of their trades.
What Happened: According to on-chain data provided by IntoTheBlock, 70% of all Dogecoin-holding wallets saw the value of their coins increase compared to what they were worth when they transferred them to their wallets. The report follows the coin gaining 9% within 24 hours and trading at $0.26 following yet another slew of bullish tweets by tech tycoon Elon Musk.
Dogecoin saw a recently saw surge in adoption when youth-focused fashion retailer PacSun enabled online shoppers to buy clothes using DOGE. The coin's overall use as a payment option is reportedly gaining momentum. Market data shows that as of late September Dogecoin could be spent at 1,704 merchants — up 41.3% from 1,206 merchants at the end of January and 61.63% higher than in January 2020.
See Also: IS DOGECOIN A GOOD INVESTMENT?
DOGE Price Action: According to CoinMarketCap data, as of Monday at publication, Dogecoin is trading at $0.2532 after its price increased by about 7.11% over the last 24 hours.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!