63% Of Dogecoin Holders Are Making Money

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According to InTheBlock on-chain statistics, 63% of Dogecoin (DOGE) holders are profitable at spot prices. Only 35% are out of the money, while just 2% break even.

74% of Dogecoin holders are making money

DOGE is a top-10 cryptocurrency with a market cap of $12.4 billion. The coin is changing hands at $0.094 per data currents From Coinmarketcap (CMC).

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On-chain trackers also show that the majority, 74%, of DOGE holders have held their coins for more than a year. Meanwhile, 23% have stayed with their coins for the better part of the past year. Less than 3% of DOGE holders bought their coins recently.

dogecoin holders

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A significant percentage of “time held addresses” have held their coins for more than a year, meaning they are confident of the project’s prospects. This, in turn, is reflected in the depth of the coin’s liquidity. According to CMC, DOGE recorded an average daily transaction volume of over $670 million.

Parallel data from IntoTheBlock shows that in the past week of trading, transfers of more than $1.4 billion, each of more than $100,000, were made. Whales may have chosen Dogecoin because of its low fees and DOGE being listed on several exchanges including Coinbase.

Weathering of the crypto storm

Dogecoin has overcome months of adversity, weathering through the storms of crypto winter and still managing to become a top-10 crypto project even after falling over 90% from peaks.

dogecoin price on february 4
Dogecoin price on 4 February. Source: DOGEUSDT on Binance, TradingView

At the height of the crypto bull run from 2020 to 2021, DOGE was trading at over $0.75. DOGE reached its all-time high after Elon Musk appeared on the Daily Night Show.

InTheBlock says that less than 3% of DOGE holders can be classified as traders. These are addresses that move in and out, possibly trading coins. Currently, DOGE is highly correlated with Bitcoin at 0.93. Therefore, at this pace, DOGE follows lockstep whenever the BTC price rises.

DOGE is the parent currency of Dogecoin, a cryptocurrency “meme” project. Although it started as a joke at first, it has evolved over the years, thanks to Elon Musk, a centenary billionaire and one of the top entrepreneurs behind technology firms like Tesla and Twitter.

Elon acquired Twitter for $44 billion in late October 2022, and there were rumors of the social media giant integrating DOGE for payments. In this way, Twitter will eliminate bots, most of which were directed to operate scams.

Feature image from Canva, chart from TradingView

Credit : www.newsbtc.com

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