Dogecoin decline is not a deterrent as the majority of DOGE owners remain in profit
Dogecoin cryptocurrency physical coin held between two fingers.
Dogecoin (DOGE) saw a drop in price after Elon Musk inevitably removed the Shiba Inu dog and put the official Twitter logo on the social media platform. However, despite these developments, it has not affected the profitability margins of DOGE investors, most of whom continue to see profits on their meme coin holdings so far.
55% of Dogecoin investors still in profit
Even after a decline of over 10% in the last two days that has brought the price of Dogecoin back to the $0.08 level again, the best majority of holders are still seeing a profit. According to data from IntoTheBlock, a total of 55% of all DOGE investors are still ‘in the money’.
This currently leaves around 39% of investors losing money at current prices and the remaining 6% are neutral, meaning they last bought their coins in the same price range that DOGE is currently trading.
Interestingly, the number of long-term DOGE holders is still on the rise. The meme coin now boasts a total of 73% of all investors who have now held their tokens for more than a year, a fact that has been positive for any digital asset in the past. The more these investors hold their coins, the less likely they are to sell, thus removing some selling pressure from the market.
Majority of DOGE holders in profit | Source: IntoTheBlock
DOGE whale transactions (transactions with a total value of over $100,000) also increased in the past week, reaching over $2.89 billion in this 7-day period. There was a notable spike mid-week when the Elon Musk hype was at its peak, but these large transactions have eased as the price of the meme coin has fallen.
DOGE is falling in line with the crypto market
DOGE’s decline over the past few days has put it back in step with the general crypto market again. Instead of a crazy burst, the meme coin moves much more slowly, which is in line with the general momentum of market movements like Bitcoin and Ethereum
Dogecoin has now shed most of its gains from earlier in the week, but still looks quite strong in the medium to long term with prices above the 50-day and 100-day moving averages. The first resistance is now just above $0.09, which is not discouraging especially given the fact that there is now good support above $0.08. As long as the meme coin is over to maintain this support, a $0.1 retest will happen sooner rather than later.
Nevertheless, DOGE is still seeing significant losses compared to the rest of the cryptocurrencies in the top 10. It is down over 9% in the last 24 hours, making it the worst performer of the bunch. However, DOGE is doing well on the weekly chart with an 11% gain and its daily volume continues to be above $1.3 billion.
DOGE returns to $0.08 level | Source: DOGEUSD on TradingView.com
