invezz.com
Meme-based token Dogecoin (DOGE/USD) has seen an impressive surge over the past week, earning its investors a massive amount of profit. As statistics show, the token has seen a double-digit gain within the past week, after rallying 19% over the past week.
Dogecoin outshines competition
Dogecoin also surpassed other top 10 digital currencies, including Ethereum (ETH/USD), which gained 18% within the same period.
#Dogecoin is back in the spotlight as the meme cryptocurrency surged by 18.8% over the past 7-days.
— IntoTheBlock (@intotheblock) August 9, 2021
The majority of $DOGE investors must be happy, as the In/Out of the Money analysis reveals that over 66% of the addresses currently holding DOGE are in a state of profit. pic.twitter.com/j8tkOWdhG9
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Interest in Dogecoin has also surged over the weekend, but interest in the token was low before the past week.
Data analytics IntoTheBlock published a tweet that shows that majority of Dogecoin addresses are in profit. According to the tweet, about 66% of the addresses have benefited from the recent surge in cryptocurrency.
Doge’s recent journey
Dogecoin has received a massive promotion from notable figures, with Tesla’s Co-founder Elon Musk, making the most important contribution. The cryptocurrency hit its all-time high of $0.70 on May 8 after a series of tweets and promotional talks about the token. But since then, the cryptocurrency has dropped, even settling for $0.17 on July 22.
However, the price has rallied to above the $0.20 level. It’s not certain what could be the trigger of the recent upward movement. The number of Dogecoin addresses holding large deposits of the token has increased, as indicated by data from bitsinfocharts.com.
The data showed that the mysterious DH5 is still the address with the highest accumulation of Dogecoin tokens. It is reported that the address alone holds about 36 billion Dogecoin, which is about 28% of the entire DOGE supply.
DOGE still rallying strong
While the present value is still a long way from its all-time high, its overall yearly performance has been great. DOGE is not the only crypto assets that have dropped significantly since their all-time high. The majority of crypto assets have shed significant gains within the past few months.
And when compared to last year, DOGE’s performance has been considerably higher than most other cryptocurrencies. For the past 12 months, the meme-based asset has hit an impressive 6,849% surge.