Recent data reveals that Dogecoin is showing significant losses, lagging behind other cryptocurrencies like Bitcoin and Ethereum in profit-loss metrics.
Disheartening Metrics for Dogecoin
Over the past 24 hours, Dogecoin ($DOGE) has emerged as the biggest loser among top cryptocurrencies, logging $132 million in realized losses and only $5 million in profits, according to data from Glassnode.
Comparison with Bitcoin and Ethereum
Bitcoin ($BTC) reported $1.3 billion in realized profits with just $33 million in losses, making only 2.5% of profits offset. In contrast, Ethereum ($ETH) showed more balanced figures: $35.2 million in profits against $18.4 million in losses, equating to 52%.
Current Price and Support Level for Dogecoin
Currently, Dogecoin is trading at $0.1652, reflecting a minor 1.19% decline in the past 24 hours. Market data suggests a short-term support level is forming near $0.163, where buyers have previously entered.
The market sentiment for Dogecoin remains uncertain. Within the 'Hope/Fear' phase, the cryptocurrency may continue to underperform unless broader market dynamics change.
