- The average profitability of Dogecoin holders has reached 50% since the recent trend reversal of memecoin.
- Dogecoin and Shiba Inu are in the top 10 altcoins held by the 1000 largest Ethereum whale wallets.
- Analysts have a bullish outlook on Dogecoin price, predicting a 20% rise in memecoin.
Dogecoin and its competitor Shiba Inu rank among the top 10 altcoins held by large wallet investors in the Ethereum network. Analysts believe that Dogecoin price could recover from the recent dip and breakout from a massive rally.
50% of Dogecoin holders are profitable as accumulation continues
The top 1000 wallet investors on the Ethereum network have scooped Shiba-Inu, Dogecoin, and Shiba Inu-themed cryptocurrencies. Dogecoin now ranks among the top 10 holdings in the Ethereum whale wallet.
Based on data from Whale Stats, the Binance Smart Chain’s top 1000 wallet addresses are worth $50 million in Dogecoin (BEP-20). Binance Chain powers a BEP-20 token, head-to-head with the Shiba-Inu themed memecoin.
During the recent crypto market bloodbath, proponents noted the hoarding of Dogecoin by whales. There has been a spike in on-chain activity on the Dogecoin network. Historically, increased trading volume and accumulation by whales are considered indicative of rising prices.
IntoTheBlock, a crypto data intelligence platform, reveals that the current profitability of Dogecoin is over 50%. This indicates that the Dogecoin price is in a “neutral” price range, implying that the memecoin could be entering an uptrend.
FXStreet analysts assessed the Dogecoin price trend and predicted that the bulls should break the memecoin simple moving average. Analysts note that the price of the Shiba-Inu themed currency is at a historically significant level, $0.1592, as of July 2021.
Despite a drop in the price of Dogecoin, the bulls are keen to push the price higher. The recent price trend and bullish catalysts could fuel a 20% rally in Dogecoin.