The Dogecoin price has seen a notable plunge in the past day following the fall in Bitcoin price. As a result, the profitability of Dogecoin holders has dropped. However, a majority of DOGE holders continue to make profits even during these turbulent times, which is a testament to the strength of the meme coin.

Dogecoin Profitability Remains Above 70%

With the Dogecoin price dropping to $0.1, there has been a drop in profitability for DOGE holders. Nevertheless, profitability remains high, especially compared to other large cap cryptocurrencies. According to data from IntoTheBlock, 73% of all Dogecoin holders are currently seeing profits at current prices.

On the other side of this is the number of DOGE holders at a loss, which has remained low despite the price drop. The data shows that only 26% of all holders are at a loss at this price. This means that only 2% are breaking even, meaning that the price is currently at the level where they purchased their coins.

What these percentages show is that a total of 4.65 million Dogecoin addresses are currently making a profit. Next on the list is the number of wallets that are “Out Of The Money” which is 1.64 million addresses. This leaves 105,260 wallets at breakeven.

The current levels represent some of the highest levels Dogecoin profitability has been at in the year 2024. It is just a short distance away from the peak of 88.89% on March 29, when the DOGE price climbed above $0.2 to reach a new yearly high.

DOGE High transaction volume takes a nosedive

Dogecoin transaction volume has also dropped along with the price. The first week of August saw a huge increase in large DOGE transactions, reaching 1,630 transactions in a single day. However, as the month progressed, this number dropped significantly.

As of August 11, the total number of large transactions had dropped below 1,000 to 938 transactions, indicating a decline in participation by large investors. During this time, large transaction volumes dropped from $1.52 billion to $607.48 million.

During this time, Dogecoin volatility has also remained high, with the figure above 79%. This volatility has also been seen in the market, as the price has also fluctuated wildly. If the volatility continues to rise, the DOGE price may see wild swings from now on.

Main image created with Dall.E, chart from Tradingview.com