Nearly 60per of Dogecoin ($DOGE) Holders Are ‘In the Money’ at Current Prices, Data Shows
Categories: Crypto News US
With the meme-inspired cryptocurrency Dogecoin ($DOGE) trading around $0.14, far below its $0.73 all-time high seen in May of 2021, nearly 60% of DOGE holders are currently “in the money.” According to data from cryptocurrency analytics startup IntoTheBlock, 58% of Dogecoin holders are currently “in the money” even with the price of DOGE so far below its all-time high.
The firm identifies the average cost at which tokens were purchased for every wallet with a DOGE balance to determine how holders are doing. Into The Block’s data further shows that 36% of DOGE holders are “out of the money,” while 6% are currently breaking even on their investments. Notably, 56% of the meme-inspired cryptocurrency’s holders have been storing their crypto for over a year, while 40% have been holding between one and 12 months.
The platform’s data, it’s worth noting, only represents address on-chain and as such does not indicate how investors who custody their funds on cryptocurrency exchanges are doing. When a large percentage of a cryptocurrency’s investors are “in the money” it implies an asset is overbought and may be due for a correction.
As Crypto Globe has been reporting, DOGE’s adoption has been growing over time. Last month, leading U.S. movie theater chain AMC added two meme-inspired cryptocurrencies, Shiba Inu and Dogecoin as payment methods, a week before they were scheduled to go live.
Earlier this month, Tesla and SpaceX CEO Elon Musk offered some suggestions on how Twitter’s first-ever subscription offering, Twitter Blue, could be improved. One of his suggestions included allowing the subscription fee to be paid in DOGE.
Musk is notably an avid Dogecoin proponent, who has hinted his space exploration company could start accepting payments in the meme-inspired cryptocurrency. Notably, Musk and Billy Markus have earlier this year pushed McDonald’s to accept DOGE as a payment method, but the fast-food giant ultimately did not move forward with such an integration.