Dogecoin (DOGE) is one of the oldest and most popular cryptocurrencies in the crypto market. In 2021, Elon Musk leveraged its popularity by showing public support and enthusiasm for the leading meme coin, which brought more investors to the project.
Notably, more than half of all Dogecoin investors are holding a profitable position on DOGE at the time of publication, according to data from IntoTheBlock on November 25.
Essentially, this shows resilience in Dogecoin’s capacity as a store of value for these investors. As well as it could also indicate that these holders might sell DOGE at any moment to realize this profit.
In particular, 57% of every cryptocurrency wallet address holding DOGE is “In The Money.” This means these Dogecoin investors bought DOGE at a price lower than the current $0.078342 per coin.
Dogecoin investors are long-term holders
Interestingly, 73% of all Dogecoin investors hold their positions for over a year. These long-term holders are followed by 27% holding for less than one year, out of which 4% are positions with less than one month.
The concentration by large holders is also notable. 65% of all Dogecoin addresses are considered either “investors” or “whales” by IntoTheBlock. Investors hold more than 0.1% of DOGE’s circulating supply, while whales own at least 1% of it.
Moreover, despite 57% of all Dogecoin investors being in profit, 38% are holding losses, and 5% are sitting in a breakeven position. With a 79% correlation to Bitcoin (BTC), cryptocurrency traders wonder what is next for DOGE in this brewing bull market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
