Many investors nowadays rely on the cryptocurrency market, looking for the most incredible tokens that can guarantee maximum returns. But there also exists "Crypto Winter."
Well, Dogecoin seems to bring a substantial opportunity in this unstable market. Other contenders are Ethereum and Bitcoin, who tend to provide large profit margins, but Dogecoin is chasing them in this race now, with more potential and upsides.
In the digital market, one can't predict profitability. This is because crypto token prices are often dynamic, leaving one confused about the direction of prices. The time when these currencies keep depreciating is called the 'Bear Market.' For other contenders like Bitcoin, the investors have already seen a worse time as the higher and lower bar of profitability fluctuates drastically, and the majority are running into loss.
But with Dogecoin, it seems different. After Twitter was handed over to Elon Musk, Dogecoin holders immediately felt the changes. In a few days, the value of the meme coin reached a peak of around $0.15. Although most of the gain has been lost now, Dogecoin investors are still in a better place, with a value of $0.08 in the digital market compared to other investors.
IntoTheBlock has published a set of data where it is clear that with Bitcoin and Ethereum, the investors are seeing quite a bit of loss (less than half of the holders). Still, a big part of the Dogecoin investors community is seeing profit (around 57% of the holders).
Even SHIB, the biggest competitor of Dogecoin, is not seeing much profit; only around 17% of their holders remain profitable with the current price. Where the whole market is floating towards losses, the picture with Dogecoin seems different.
The digital asset market's bar of $0.10 is not very high. Still, at this point, one can not predict whether the prices are to rise or fall.
The market is currently facing negative flows, and so is Dogecoin, despite being profitable even at this time of uncertainty. The strong buy signals can help DOGE stay stable and resistant at the $0.8, even at the $0.9 level.
Dogecoin's ability to maintain such high profitability even during crypto winter resonates with what billionaire Elon Musk said about the meme coin as one of the cryptocurrencies with a good future.