Recent blockchain data analysis reveals that a clear majority of Dogecoin DOGE/USD investors are now profiting from their coins.
What Happened: According to a Monday tweet by blockchain data science service firm Into The Block, "over 66% of the addresses currently holding DOGE are in a state of profit."
The metric was uncovered by an analysis of on-chain Dogecoin transfer data compared with prices at the time of the transfer and following the coin surging as much as over 27% over the last week.
#Dogecoin is back in the spotlight as the meme cryptocurrency surged by 18.8% over the past 7-days.— IntoTheBlock (@intotheblock) August 9, 2021
The majority of $DOGE investors must be happy, as the In/Out of the Money analysis reveals that over 66% of the addresses currently holding DOGE are in a state of profit. pic.twitter.com/j8tkOWdhG9
Into The Block goes as far as to assume that "the majority of $DOGE investors must be happy."
The report follows recent remarks by David Gokhshtein — cryptocurrency investor, entrepreneur, and CEO of crypto media firm Gokhshtein Media and PAC Protocol PAC/USD — that Dogecoin is headed for $1.
He believes that the coin's value is largely attributable to it acting as a gateway for newbies to enter the cryptocurrency ecosystem.
Price Action: According to CoinMarketCap data, Dogecoin's price grew by over 13.3% from its 24-hours low of $0.2314 to a high of $0.2622 before settling at $0.2559 as of press time.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month