Who Is Still In Profit When Dogecoin Trades Below $0.10 After a Bearish Year?
Due to its inability to rally in the manner, it did in the first half of 2021, Dogecoin has lost the majority of the value created during that period. For the bulk of its investors, it is still primarily lucrative. The largest meme coin and one of the top 10 cryptocurrencies by market cap is the meme coin that has since lost its footing above 10 cents, and this correlates to the profitability of the digital asset. Even though the digital asset has lost more than 88 per cent of its value since its peak, most investors in this cryptocurrency are still shockingly making money. Data from IntoTheBlock, which showed that 52% of all Dogecoin investors are currently in the black, demonstrates this. 2.05 million addresses out of the nearly 4 million DOGE holders are still in the black.
The fact that most investors are profitable does not, however, indicate that there aren’t many investors who lose money. 1.77 million DOGE addresses in total are in the red, which is 45.32 per cent of the total number of holders. Only 87.73K addresses are at the money, or neutral, which means that the price at which they acquired their assets aligns with the current value of the digital asset. Only 2.25 per cent of the total holder base are these wallets. Additionally, there is a connection between a holder’s current profit or loss and the date they bought their tokens. Those who owned coins before the Elon Musk frenzy started are still comfortably in the black. Others who entered a little later, after the hoopla had started, are still profitable. People who had FOMO in their digital assets make up the majority of individuals who lost money. One Dogecoin costs $0.08 at the time of writing. It is still the largest meme coin and the tenth-largest cryptocurrency in the world with a market cap of $10.67 billion.
Read more: Cryptocurrency Awareness Program: U.S Department of Treasury
