According to InTheBlock on-chain data, 63% of Dogecoin (DOGE) holders are profitable at spot prices. Only 35% are out of the money, while just 2% are at 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 streams from CoinMarketCap (CMC).
On-chain trackers also reveal that most, at 74%, DOGE holders have held their coins for over one year. Meanwhile, 23% have been with their coins for the better part of the last year. Less than 3% of DOGE holders recently bought their coins.
A significant percentage of “Addresses by Time Held” have held their coins for over a year, which means they are confident of the project’s prospects. This, in turn, is revealed in the coin’s liquidity depth. Per CMC, DOGE posted average daily transaction volumes exceeding $670 million.
Parallel data from IntoTheBlock shows that over the past week of trading, over $1.4 billion of transfers, each moving more than $100,000, were moved. Whales might have opted for Dogecoin because of its low fees and DOGE being listed in several exchanges, including Coinbase.
Weathering The Crypto Storm
Dogecoin has overcome headwinds over the months, weathering through the storms of the crypto winter and still managing to be a top-10 crypto project even after dropping over 90% from peaks.
At the height of the crypto bull run of 2020 through 2021, DOGE was trading at over $0.75. DOGE reached its highs hours later when Elon Musk appeared on the Daily Night Show.
The less than 3% of DOGE holders, InTheBlock says, can be classified as traders. These are addresses that move in and out, probably trading the coin. Presently, DOGE is heavily correlated with Bitcoin, at 0.93. Therefore, at this pace, DOGE tends to follow in lockstep whenever BTC prices increase.
DOGE is the native currency of Dogecoin, a cryptocurrency “meme” project. Though it started as a joke at first, it has grown over the years, finding endorsement from Elon Musk, a centi 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 would eliminate bots, most of which were guided to operate scams.