Dogecoin Spotlight: Key On-chain Metric Flashes Green Despite DOGE's 8% Drop

Dogecoin trading down 7%, mirroring general sell-off on broader crypto market

Despite a recent 8% price drop, Dogecoin holders remain largely in profit, according to a key on-chain metric.

At the time of writing, DOGE was down 7% in the last 24 hours to $0.1496, mirroring the general sell-off on the markets, which saw Bitcoin plummet below the $64,000 mark. 

According to IntoTheBlock data, a key on-chain metric is flashing green, indicating that the majority of DOGE holders remain in profit. The metric reveals that a staggering 83% of Dogecoin holders are currently in profit, highlighting the resilience and confidence of DOGE holders amid market fluctuations.

In a recent post, IntoTheBlock shared a chart that shows the percentage of holders in profit on several top layer-1 networks.

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