On-chain signals are showing bullish indications for Dogecoin (DOGE)

According to IntoTheBlock, Dogecoin (DOGE) returns have increased slightly to 53%, after falling below 50% following the price drop in early May. Additionally, on-chain signals show bullish signs for the biggest meme cryptocurrency after the latest increase in profit and holders’ concentration.


Dogecoin profitability increases to 53%, on-chain signals hint at bullish indications

Dogecoin “hodlers,” referring to addresses that have held Dogecoin for more than a year, are now 62%. Currently, 33% of addresses have held assets for a year, while 4% have held their assets for less than a month.

The majority of Dogecoin holders are mid to long-term holders, indicating that Dogecoin may be experiencing buying pressure from this elite. TAG Heuer, a Swiss high-end watchmaker, has announced that it is now accepting cryptocurrencies, “including Dogecoin”, as payment through a partnership with BitPay, according to an announcement. TAG allows customers up to $10,000 per transaction, with no crypto minimum spending requirements.

Earlier in the week, stock trading platform Robinhood announced that their new non-honorable “Robinhood 3” wallet would allow users to hold their crypto keys, earn profits, and trade or swap coin electronics, including NFTs tokens, without network fees.

This means that Dogecoin holders on Robinhood will soon be able to trade or swap Dogecoins with no network fees. Dogecoin remains one of the top 10 holdings of the top 4,000 BSC whales, currently “earning” $28,396,426 DOGE worth. At the time of publication, Dogecoin is trading down 1.83% at $0.084.

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