Dogecoin is now unable to rallie the same way as it did during the first half 2021. This has resulted in it losing the majority of its value. It is still profitable to the vast majority of its investors. Although it has lost more than 10 cents, the meme coin is still the biggest and most profitable cryptocurrency.
The Majority of Profit Holders
Although the value of the digital asset has declined by more than 88% over its high point, most investors remain in profit. Data from IntoTheBlock shows that 52% are in the green. There are 2.05million DOGE addresses that remain in green among the 4,000,000 DOGE investors.
The majority of investors have money, but that does not necessarily mean there are fewer people losing their investments. 4.532% of all holder bases are in red, with 1.77million DOGE addresses. Only 87.73K addresses have a neutral status, which means that their current digital asset price coincides with what they paid for it. This wallet makes up just 2.25% in total holder count.
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It is important to note that token holders are also correlated with their profit and loss. The coins that were held before Elon Musk’s hype started are in good profit. Others, who got in after the hype began, are still in profit. The majority of those in loss are those who had FOMO’d into the digital asset.
Dogecoin Charts
Dogecoin’s recent movement has indicated long-lasting bear tendencies. While the meme coin is similar to Bitcoin in that it follows Bitcoin’s movements, its recovery has been less prominent than the rest.
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The 100-day moving mean is well below the current price, which places it in the hands of bears. The digital asset is unlikely to find any support despite falling prices. Even hype from ‘Dogefather’ Elon Musk has failed to break the meme coin out of its low momentum streak.
Dogecoin currently trades at $0.08 per coin at the time this article was written. The largest crypto currency by market cap, Dogecoin is the 10th biggest cryptocurrency globally with $10.67 billion.
Featured Image from The Crypto Basic chart by TradingView.com
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