Dogecoin Supply In Profit
Only 40 % of Dogecoin's are bought at the price less than 15 cents. Keep in mind that one address holds 23% of all dogecoin and it is active(sent 200m DOGE one week ago).
The last time the overall profits of Doge hodlers was that low was during COVID crash in March 2020, when only 29% of doge hodlers were in profit.
If we exclude the data before March 2017, there were only two times in Doge history supply in profit was that low.
Addresses with balances more than 100,000 and less than 1,000,000 Dogecoins were selling early, more precisely on the first pump to 6 cents. Their balance fell from 9,1% to 7,33% of all coins in circulation. Similarly, the group of addresses holding 1m-10m did the same.
On the other hand, addresses holding more than 10m coins went from 74% to 78% during the pump and are at a similar level today. I assume that there are multiple exchange addresses contained in this group and that was and still is the final destination for quite some Dogecoins.
Doge on-chain metrics will soon be available on Sanbase.
Thanks for reading!
If you enjoyed this insight please leave a like, join discussion in the comments and share it with your friends!
Never miss a post from ante!
Get 'early bird' alerts for new insights from this author