The price of Dogecoin (DOGE) fell after Elon Musk undoubtedly deleted the Shiba Inu dog and replaced it with the official Twitter logo on the social media site. Despite this change, it hasn’t had much of an impact on DOGE investors’ profit margins, with the bulk of them still profiting on their meme currency holdings.
Even after a 10% drop in the previous two days, which has dropped the price of Dogecoin back down to $0.08, the vast majority of holders are still profiting. According to IntoTheBlock statistics, 55% of all DOGE investors are still “in the money.” This leaves around 39% of investors losing money at current prices and the remaining 6% neutral, indicating that they purchased their coins in the same price range that DOGE is now trading.
Surprisingly, the number of long-term DOGE holders continues to grow. The meme coin currently has 73% of all investors who have kept their tokens for more than a year, which has historically been optimistic for any digital asset. The longer these investors retain their coins, the less likely they are to sell, reducing some of the market’s sell pressure.
DOGE whale transactions (transactions with a total value of more than $100,000) have also increased in the last week, totaling more over $2.89 billion in this seven-day period. There was a significant increase around the middle of the week when the Elon Musk hoopla was at its pinnacle, but these massive transactions have slowed as the meme coin’s price has plunged.
DOGE’s recent decrease has brought it back into line with the rest of the crypto market. Rather than a wild breakthrough, the meme coin is advancing much more slowly, in accordance with the broader momentum of market movers like as Bitcoin and Ethereum.
Dogecoin has already lost the majority of its gains from earlier in the week, but it still appears to be in good shape in the medium to long term, with prices above its 50-day and 100-day moving averages. Its first barrier is currently just over $0.09, which is encouraging considering that there is now plenty of support above $0.08. As long as the meme currency remains above this support level, a retest of $0.1 will occur sooner rather than later.
Nonetheless, DOGE continues to suffer huge losses when compared to the other top ten cryptocurrencies. It has dropped more than 9% in the previous 24 hours, making it the poorest performer of the group. DOGE, on the other hand, is performing well on the weekly chart, gaining 11%, and its daily volume remains above $1.3 billion.
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