Majority Remain In Profit Even As Dogecoin Is Down 88% From ATH

Dogecoin

Dogecoin has been on the decline ever since it hit its all-time high back in May of 2021. This was at the height of the bull market when billionaire Elon Musk was at his peak of shilling the meme coin. Since then though, the digital asset has not fared as well. It has hit one of the worse declines that have seen it lose almost 90% of its all-time high. Interestingly, its investors are not faring as bad as one would think considering such a decline.

53% Remain In Profit

For some, investing in a meme coin such as Dogecoin can be likened to gambling. This is why a lot of holders have been advised to take their profits. Nevertheless, there are millions who continue to hold and believe in the meme coin. For a large portion of these investors, it is still paying off almost a year after the all-time high as their holdings still see them in profits.

Related Reading | Survey Shows 40% Of Americans Want Metaverse Gym Memberships

A total of 53% of all investors are still in profit according to data from IntoTheBlock. This means that even though Dogecoin is down 88.23% from its all-time high, it is still one of the most profitable ventures for investors, mainly those who had gotten in earlier. This figure puts it ahead of the leading cryptocurrency Bitcoin, whose investors are only 51% in profit, and slightly below Ethereum, which still sees 59% of all investors in profit.

DOGE market cap trending at $11.5 billion | Source: Market Cap Doge on TradingView.com

An important distinction is a fact that those in profit are those that have usually held their tokens for more than one year. This puts them at a buying price much lower than the current price. For shorter-term holders, they are either currently in the neutral territory (1%), or in loss (46%).

Optics For Dogecoin

Dogecoin price has now fallen below 10 cents after holding above this level for the longest time. This puts it among some of the highest losers among the largest coins in the last year. As a meme coin, it usually relies on hype for any significant movement and since that has been scarce, the digital asset has had a hard time holding its value.

Related Reading | Shiba Inu Holdings Of Ethereum Whales Decline Almost 50%

This recent downtrend has put it below the 50-day moving average. It paints an all-around bearish picture for both the short and long-term given that its ability to stay above this point would have been an indicator that a recovery was in play. Instead, it looks like the digital asset is headed for more losses before the market enters the next bull cycle.

Dogecoin is trading at $0.087 at the time of this writing. It remains the largest meme coin with a market cap of $11.5 billion.

Featured image from MarketWatch, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

Exit mobile version