Dogecoin (DOGE) Holders Still In Profit Despite Recent Drawdown

Summary:

  • Dogecoin (DOGE) saw a drawdown in price after Elon Musk removed the Shiba Inu dog from the official Twitter logo.
  • However, 55% of DOGE investors remain in profit despite the recent decline.
  • The number of long-term DOGE holders is still on the rise, and whale transactions have ballooned over this past week.

Analysis of Dogecoin’s Price Action:

Dogecoin (DOGE) saw a drawdown in price after Elon Musk inevitably removed the Shiba Inu dog and put that the official Twitter logo on the social media platform. But despite this development, it hasn’t much affected the profitability margins of DOGE investors, the majority of whom continue to see profits on their meme coin holdings so far. 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 who are losing money at current prices and the remaining 6% being neutral, meaning that they last bought their coins in the same price range as DOGE is currently trading.

Long-term Holders and Whale Transactions on The Rise:

Interestingly, the number of long-term DOGE holders is still on the rise. The meme coin is now boasting a total of 73% of all investors who have now held their tokens for more than a year, a fact that has been bullish for any digital asset in the past. The more these investors hold their coins, the less likely they are to sell, hence removing a certain amount of sell pressure from the market. Furthermore, DOGE whale transactions (transactions with a total value of over $100,000) also ballooned in this 7-day period reaching over $2.89 billion. There was also notable rise during midweek when Elon Musk’s hype was at its peak but these large transactions have eased up as Dogecoin’s price has plummeted.

Dogecoin Falls In Line With Crypto Market:

Dogecoin’s decline over recent days has put it back in tandem with general crypto market once more. Instead of a crazy breakout Dogecoin is moving much slower which is line with overall momentum seen by other major digital assets such as Bitcoin and Ethereum.

Conclusion:

In conclusion Dogecoin has shed majority its gains from earlier this week but continues to maintain majority profit for its holders for time being as well as an increase number long term holders and whale transactions activity observed during past week .