Usman Salis
Dogecoin (DOGE) has officially become the most profitable meme cryptocurrency, leading the market with 72.64% of its addresses in profit.
DOGE Emerges as Most Profitable Meme Coin
Dogecoin has officially taken the crown as the most profitable major meme coin, surpassing its competitors in a market that has been growing in both popularity and value. Dogecoin now boasts the highest ratio of "in/out of the money" addresses among meme cryptocurrencies with a market capitalization of at least $1 billion.
The data reveals that a staggering 72.64% of DOGE addresses are currently in profit. This figure represents approximately 4.65 million addresses holding a total of 70.3 billion DOGE, which equates to around $7.39 billion. Notably, this means that nearly half, 48.3%, of Dogecoin's total market capitalization is in profit.
In comparison, Dogecoin’s closest competitor, Floki Inu, lags slightly behind with 70.49% of its addresses in profit. The total value of tokens held by profitable addresses for FLOKI is $965.2 million, a figure that underscores the significant gap between the two meme coins in terms of market dominance and profitability.
DOGE Price Action in 2024
The remarkable profitability of Dogecoin is not solely due to its long-standing presence in the crypto market but is also influenced by its price movements in recent months. Since the beginning of 2024, DOGE has experienced a price increase of 40%. At its peak, the price surge reached an impressive 208%, though subsequent corrections have tempered these gains. In the past two days alone, DOGE has seen a further 4.66% rise, bringing its current price to $0.105.
Looking forward, Dogecoin has the potential to reinforce its position as the top meme coin if it can revisit and surpass the highs achieved earlier this year. While there is no certainty in the volatile world of cryptocurrencies, Dogecoin’s strong performance thus far solidifies its status as the reigning meme coin.
Conclusion
Even if DOGE does not reclaim its previous highs, its current profitability and market position ensure that it remains the dominant force among meme coins. As the data suggests, Dogecoin is not just a popular choice among traders; it is also a highly profitable one, making it the king of the meme coin hill.
Usman Salis
