Bearish Year Leaves Dogecoin Trading Below $0.10, Who Remains In Profit?
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.
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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.
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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.
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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 from TradingView.com
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