Have you ever wondered how Dogecoin investors are doing in the bear market?
Dogecoin investors are caught in the middle of the bear market, just like all other cryptocurrencies. With the downward trend, investors in a number of digital assets have seen their returns decline, with most suffering more losses than those still making money. However, for a cryptocurrency like Dogecoin that continues to enjoy the support of prominent figures, its history is more in line with larger assets like Bitcoin and Ethereum.
Most are still beneficiaries
The profitability of investing in Dogecoin had risen in the first half of 2021 when billionaire Elon Musk’s shilling on Twitter sent the coin’s meme to new heights. The gains from the digital asset had motivated more people to invest in DOGE, creating a strong community behind it. However, even with the numerous crashes and price drops of the past year, most of the headlines still remain in green territory.
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IntoTheBlock data shows that 51% of all Dogecoin holders are still in the project. This is interesting considering how other meme pieces have fared in the space. A good example is the “Dogecoin killer” Shiba Inu, whose rise to fame has been as spectacular as that of his competitor. Currently only 25% of all Shiba Inu owners make a profit and the vast majority continue to experience losses.
DOGE trending at $0.06 | Source: DOGEUSD on TradingView.com
As for Dogecoin, although not by a wide margin, a smaller percentage is at a loss. 46% of all those who had invested are currently out of the money, while only 3% remain in neutral territory. Most of those who have bags of losses for the meme coin are usually those who bought the cryptocurrency after it rallied. So basically those who have held their tokens for less than a year are more likely to lose than those who have held their tokens longer.
Dogecoin remains stable
Dogecoin price has not fluctuated as much as others in the space. For the past week, it has continued to move around the $0.06 level and has not deviated much from this path. Even the weekend of low liquidity could not change this course.
Given this, the meme coin has had one of the best results in the recent downtrend. He hasn’t lost as much to others in the bear market and is still holding a good percentage return for his holders, especially the diamond hands.
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Even with the news of Elon Musk’s refusal to complete his Twitter buyout, DOGE hasn’t suffered as much as expected. Musk continued to back the digital asset and last week his Boring Company accepted Dogecoin for travel around Las Vegas.
This recent adoption has also helped Dogecoin maintain its price during the market downtrend. However, it is difficult to say how long the meme coin will be able to hold this level as it continues to trade at $0.0644 at the time of writing.
BRAND Featured Image, TradingView.com Charts
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