On-Chain Data Shows 66% Of Dogecoin Holders Profiting From Their Bets

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Recent blockchain data analysis reveals that a clear majority of Dogecoin (CRYPTO: DOGE) investors are now profiting from their coins.

What Happened: According to a Monday tweet by blockchain data science service firm Into The Block, “over 66% of the addresses currently holding DOGE are in a state of profit.”

The metric was uncovered by an analysis of on-chain Dogecoin transfer data compared with prices at the time of the transfer and following the coin surging as much as over 27% over the last week.

Into The Block goes as far as to assume that “the majority of $DOGE investors must be happy.”

The report follows recent remarks by David Gokhshtein — cryptocurrency investor, entrepreneur, and CEO of crypto media firm Gokhshtein Media and PAC Protocol (CRYPTO: PAC) — that Dogecoin is headed for $1.

He believes that the coin’s value is largely attributable to it acting as a gateway for newbies to enter the cryptocurrency ecosystem.

Price Action: According to CoinMarketCap data, Dogecoin’s price grew by over 13.3% from its 24-hours low of $0.2314 to a high of $0.2622 before settling at $0.2559 as of press time.

Read next: EXCLUSIVE: Game Where You Can Earn Dogecoin By Catching ‘Dogemons’ Coming Soon On iOS, Android Devices

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights
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