Data reveals that nearly 70% of all Dogecoin holders are currently in a state of profit, even though the cryptocurrency’s price has dropped from an all-time high above $0.70 to around $0.247 at press time.
In response to data from IntoTheBlock, first reported on by Benzinga, 68% of Dogecoin holders are currently in a state of revenue, whereas 26% are losing money. Only 6% of the cryptocurrency’s holders are breaking even.
The price of Dogecoin hit a new all-time high above $0.70 earlier this year as search interest for the cryptocurrency exploded forward of a massive 10,000% rally DOGE underwent. The surge seemingly started with the WallStreetBets subreddit, as a Twitter account going by WSB Chairman requested whether DOGE had ever traded at $1 before the cryptocurrency began pumping on a retail trading frenzy.
Shortly after the cryptocurrency started pumping, Tesla CEO Elon Musk and other celebrities started tweeting concerning the meme-inspired cryptocurrency, fueling the rally. It hit its all-time high after Musk stated it’s a “hustle” on Saturday Night Stay and has since plunged to its current level.
Most Dogecoin holders may be in a state of profit, however, as a result of they’re doubling down on their investments. Glauber Contessoto, a Dogecoin investor famous for investing his $250,000 life financial savings within the meme-inspired cryptocurrency in early February to develop into a millionaire, has doubled down on his bet Within the meme-inspired cryptocurrency by investing an additional $25,000 in it.
In an interview in June, Contessoto stated he didn’t lose faith in his funding and was planning to add more Dogecoin to his holdings during dips. He planned on holding onto the investment for at least one year.
Per his words, individuals get “caught up in the short-term and don’t have the patience to see the funding during.” He added that volatility comes “with the territory,” and investors who aren’t capable of “stomach the fluctuations” are “maybe not lower out for crypto.”
As reported, earlier this year leading U.S. movie theater chain AMC has revealed it’s now accepting dogecoin payments for digital gift cards which can be then accepted on the company’s website, mobile application, and in theaters. In response to data from Cryptwerk, over 1,700 businesses now settle for DOGE as a payment option.
The views and opinions expressed by the writer, or any individuals mentioned in this article, are for informational functions only, and they don’t represent financial, investment, or different advice. Investing in or trading cryptoassets comes with a risk of financial loss.