Dogecoin outperforms Bitcoin in terms of profitability

According to the analytical platform IntoTheBlock, Dogecoin DOGE $0.12 Department Of Government Efficiency -5.39% Market capitalization $0.12 billion VOL. 24 hours $1.11 billion has become the only major crypto asset to surpass Bitcoin BTC $101,218.96 Bitcoin -2.60% Market capitalization $2 trillion VOL. 24 hours $5.3 billion in terms of profitability growth for its holders over the past week, i.e. from October 28 to November 3.

It is reported that at least 85% of Dogecoin holders are in the black, while 11% are recording losses and 3% are at the break-even point. The value of the coin, which is currently trading at around $ 0.166, has increased by almost 49% in October.

According to analysts, two-thirds of investors have been holding Dogecoin for more than a year, while 20% of them purchased the asset less than a month ago.

The growth of quotations was caused by the speech of billionaire Elon Musk at Donald Trump’s election rallies.

Musk is known to support Dogecoin, and his public mentions of the cryptocurrency often lead to instant price spikes.

Analysts also suggest that if Trump wins and Musk is potentially appointed to a position in the new U.S. Office of Management and Budget, Dogecoin could soar again, strengthening its role in the world of meme cryptocurrencies.

Earlier it was reported that the price of Dogecoin increased by 28% at the end of October, which may indicate that the popular meme cryptocurrency may exceed this year’s high.