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NEW YORK – Amid a robust recovery in the cryptocurrency market, the company has emerged as a standout performer, with a clear majority of its investors enjoying gains. Data from Altindex.com suggests that over 88% of Dogecoin holders made profits last week, positioning the digital currency as the second most profitable currency in terms of investor profits, closely followed by .
The meme-inspired cryptocurrency saw a significant price increase of 146% from $0.089 to $0.22 in the first quarter of 2024. This surge increased Dogecoin's market cap by nearly $18.5 billion and marked the highest proportion of profitable Dogecoin addresses in three years. It is noteworthy that large investors, colloquially known as “whales”, make up more than half of the winning addresses. Additionally, 61% of Dogecoin holders have maintained their investments for over a year, showing significant long-term confidence in the asset.
Compared to other leading cryptocurrencies, Dogecoin's performance is particularly notable. According to IntoTheBlock's data, Bitcoin remains the leader with 96% of its holders making profits. and TON are behind in profit with 87% and 86% of addresses respectively. Other cryptocurrencies also like and have seen a healthy share of profitable addresses, although to a lesser extent than Dogecoin.
The enthusiasm for Dogecoin is also reflected in its trading volume, which increased sixfold in the first quarter of 2024. CoinMarketCap reported $141 billion worth of Dogecoin transactions during the period, with March accounting for $105 billion.
This article is based on a press release.
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