Dogecoin Is Outperforming the Altcoin Market in One Metric, According to Crypto Analytics Firm IntoTheBlock
The dog-themed meme token Dogecoin (DOGE) is outperforming the rest of the altcoin market in one key metric.
Blockchain analytics firm IntoTheBlock says that a greater percentage of DOGE holders have remained in the green compared to holders of other altcoins.
In a new tweet, analysts at IntoTheBlock say at least 40% of DOGE holders have consistently remained above water and the last time 60% of the meme token holders went red was way back in 2015.
“Hold onto your seats DOGEArmy! DYK [Did you know] that DOGE holders in profit rarely drop below 40%? In fact, the last time Dogecoin saw over 60% of holders at a loss was in 2015. Impressive, given other altcoins often suffer 90%+ losses in bear markets.”
Dogecoin is worth $0.0800 at time of writing.
Analysts at IntoTheBlock also say that Litecoin (LTC) has gone on an impressive rally and that has resulted in the majority of its holders staying above water.
“Litecoin has seen a surge in profit for its holders, with over 52.89% currently in the money! This indicator can say a lot about potential bottom and top formations, so let’s examine.”
IntoTheBlock says that Litecoin holders have enjoyed an impressive turn of fortune. In the past, there were times when 85% of Litecoin holders were in the red.
“It’s important to note that historic bottom levels for LTC have been at around 85% of holders at a loss. This happened in 2015, 2018, 2019, 2020 & most recently in 2022. So, is it up only from here?”
IntoTheBlock warns investors that it’s possible LTC may dip again. But the group’s analysts say Litecoin’s recent rally bodes well for the token’s future.
“While Litecoin may have hit its bear low, past bear markets have seen Litecoin revisit these levels frequently, so caution is still advised.
Still, the recent rise in profit for LTC holders is definitely a promising sign for LTC and signals that this old classic is still very much in the game!”
Litecoin is trading for $94.36 at time of writing.
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