Dogecoin profitability skyrockets as DOGE bulls gather strength for 20% upswing
- Dogecoin holders’ average profitability has hit 50% since the recent trend reversal in the memecoin.
- Dogecoin and Shiba Inu feature in the top 10 altcoins held by the 1000 largest Ethereum whale wallets.
- Analysts have a bullish outlook on Dogecoin price, predicting a 20% rally in the memecoin.
Dogecoin and its competitor Shiba Inu rank among the top 10 altcoins held by Ethereum network’s large wallet investors. Analysts believe Dogecoin price could recover from the recent drop and breakout in a massive rally.
50% of Dogecoin holders are profitable as accumulation continues
The top 1000 large wallet investors on the Ethereum network have scooped up Shiba-Inu-themed cryptocurrencies, Dogecoin and Shiba Inu. Dogecoin now ranks among the top 10 holdings in Ethereum whales’ portfolio.
Based on data from Whale Stats, the top 1000 wallet addresses on the Binance smart chain account for $50 million in Dogecoin (BEP-20). The Binance chain powers a BEP-20 token, one-to-one with the Shiba-Inu-themed memecoin.
During the recent crypto market bloodbath, proponents noted Dogecoin accumulation by whales. There was a spike in on-chain activity on the Dogecoin network. Historically, rising transaction volume and accumulation by whales is considered indicative of a price rally.
IntoTheBlock, a crypto data intelligence platform, reveals that Dogecoin’s current profitability is above 50%. This indicates the Dogecoin price is in a “neutral” price range, implying the memecoin could break into an uptrend.
FXStreet analysts have evaluated the Dogecoin price trend and predicted that bulls are set to break the memecoin’s simple moving average. Analysts note that the Shiba-Inu-themed currency’s price is at a historically significant level, $0.1592, from July 2021.
Despite a drop in Dogecoin price, bulls are keen on pushing prices higher. The recent price trend and bullish catalysts could fuel a 20% rally in Dogecoin.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
