Bearish Year Leaves Dogecoin Trading Below $0.10, Who Remains In Profit?
03 Juni 2022 - 07:00PM
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Dogecoin has found itself unable to rally the way it did in the
first half of 2021, thus resulting in it losing most of the value
generated during that time. Nevertheless, it remains mostly
profitable for the majority of its investors. The meme coin which
has since lost its footing above 10 cents still remains the largest
meme coin and a top 10 cryptocurrency by market cap, and this
translates to the profitability of the digital asset. Majority
Holders In Profit Even with the digital asset having declined more
than 88% since its all-time high, the majority of those who are
invested in this cryptocurrency remain surprisingly in profit. This
is shown by data from IntoTheBlock which revealed that 52% of all
Dogecoin investors are currently in the green. Out of the almost 4
million DOGE holders, 2.05 million addresses remain firmly in the
green. However, just because the majority are in the money does not
mean that the number of investors incurring losses is in any way
low. The total DOGE addresses in the red are 1.77 million, which
make up 45.32% of the entire holder base. Only 87.73K addresses are
at the money, or neutral, meaning that the current price of the
digital asset coincides with the price at which they purchased
their holdings. These wallets make up only 2.25% of the entire
holder base. Related Reading | Cardano TVL Jumps 30% In 24
Hours As It Recovers To $155 Million There is also the correlation
between when a holder purchased their tokens and whether they are
currently in profit or loss. For those who had been holding coins
before the Elon Musk hype began, they remain firmly in profit.
Others who had gotten in a bit later after the hype had begun
remain in profit. The majority of those in loss are those who had
FOMO’d into the digital asset. Dogecoin On The Charts The
movement of Dogecoin over the last couple of months has pointed to
long-lasting bear trends. Although like the rest of the crypto
market, the meme coin follows the movement of Bitcoin, its recovery
has never been as prominent compared to the rest and as such has
suffered more in times of market declines. Related Reading
| Institutional Investors Turn To Competitors As Ethereum
Tumbles It is still trading well below its 100-day moving average
which puts it directly in the hold of bears. Even with declining
prices, sell-offs continue to wax stronger, making it impossible
for the digital asset to form any significant support. Even hype
from ‘Dogefather’ Elon Musk has failed to break the meme coin out
of its low momentum streak. Dogecoin is trading at $0.08 at the
time of this writing. It remains the largest meme coin by market
cap and the 10th largest cryptocurrency in the world with a market
cap of $10.67 billion. Featured image from The Crypto Basic, chart
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