ICYMI: Dogecoin's profitability has surged above 50% after the rebound of the cryptocurrency market DOGE $DOGE
The spike in the profitability of the meme currency was observed during the 25% recovery rally that took place between Feb. 4 and Feb. 7. Such a rapid price increase put approximately 10% of all DOGE holders back into the “profit zone”.The “in/out of the money” indicator is used by traders to determine if the market or an asset is overbought or oversold.
Whenever an asset’s profitability reaches 100% traders are more likely to take profits for the sake of derisking their portfolios, compared to a period when 50% of the asset’s holders are in profit. profitability currently stays at 50% indicates that the asset is moving in the “neutral” price range and is more likely following general tendencies on the cryptocurrency market rather than moving on its own.
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