As a researcher with a background in cryptocurrency and market analysis, I’ve closely followed the developments of Dogecoin (DOGE) and its main competitor Shiba Inu (SHIB). Based on my findings from the provided data and recent news, I believe that DOGE is currently outperforming SHIB in terms of profitability for investors.
TL;DR
- Dogecoin has seen a 12% increase in value weekly, largely attributed to Tesla adopting it as a payment method.
DOGE holders in profit are on the rise, significantly outnumbering those invested in Shiba Inu (SHIB).
DOGE Investments Flash Green
I’ve noticed that Dogecoin (DOGE), the largest meme coin by market capitalization, has been performing exceptionally well lately, with a 12% price increase over the past week. This impressive growth can be linked to Tesla, the leading electric vehicle company, which recently announced that it would accept Dogecoin as a payment method on its website.
As a crypto investor, I’ve personally seen DOGE surge up to nearly $0.16, and according to IntoTheBlock’s data, this rise has brought significant gains for many investors who previously held the token. Intriguingly, over 83% of us with exposure to DOGE are currently sitting on paper profits, while a mere 13% find themselves underwater.
Dogecoin significantly outperforms its biggest rival, Shiba Inu, on that front. Approximately 60% of SHIB HODLers are in the green as of the moment, whereas 36% are sitting on paper losses.
As an analyst, I’ve observed significant disparities between the trends during the 2022-2023 cryptocurrency bear market compared to previous ones. For instance, based on CryptoPotato’s September 2022 report, approximately 89% of SHIB investors and around 50% of DOGE holders found themselves in negative equity positions.
Is DOGE Ready for a Further Surge?
Many analysts are convinced that Dogecoin’s recent price surge could mark the start of a significant bull market. According to the well-known X user Rekt Capital, this cryptocurrency has transformed a long-standing resistance level into a new support level, leading to an emerging uptrend.
As a researcher, I’ve observed that Crypto Catalysts has expressed a buoyant outlook, emphasizing the growth in DOGE‘s daily transaction volume, which they describe as “reclaiming weekly levels.” Additionally, they highlight other favorable aspects of Dogecoin. Based on my analysis, it seems that DOGE is making significant strides towards reaching the milestone of $1.
Ali Martinez contributed as well, explaining that Dogecoin’s price drop at the end of April could be “normal market fluctuation” or “part of its historical pattern” before significant bull runs. He provided instances from previous years where the token’s value took a downturn before experiencing enormous growth.
I’ve analyzed the DOGE cryptocurrency market and noticed an intriguing development. In 2024, DOGE has broken out of a descending triangle once more. At present, there is a 47% price correction underway, which bears a striking resemblance to past patterns. This correction could potentially fuel the next bull run for DOGE.
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2024-05-07 11:52