Nearly 60% of Dogecoin holders are positive in their investment

While the meme-inspired cryptocurrency Dogecoin is trading around $0.14, well below its all-time high of $0.73 reached in May 2021, nearly 60% of Dogecoin 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 company tracks the average cost at which tokens were purchased for each wallet with a DOGE balance to determine how holders are doing.

Data from IntoTheBlock further shows that 36% of DOGE holders are “out of money“, while 6% are currently breaking even on their investments. Notably, 56% of holders of the meme-inspired cryptocurrency have been storing their crypto for over a year, while 40% have HODLed between one and 12 months.

Platform data, it should be noted, only represents the on-chain address and as such does not indicate how investors are doing who keep their funds on cryptocurrency exchanges. When a high percentage of cryptocurrency investors are “in the money“, this means that the asset is overbought and a correction may be in store.

The adoption of DOGE has increased over time. Last month, major 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 for improving Twitter’s first-ever subscription offering, Twitter Blue. He notably suggested allowing the payment of the subscription in DOGE.

Elon Musk is notably a strong supporter of Dogecoin, Tesla has started accepting payments in DOGE on his website, which makes it possible to buy specific products such as his “cyber whistle“, his belt buckle “Giga Texas“and his scooter”cyberquad” for children. The prices for these items are all in DOGE, ranging from 12,020 coins for the Scooter to 300 DOGE for the Cyberwhistle.

On Tesla’s Dogecoin support page, the company notes that customers who send the wrong amount of DOGE to its address may have their orders canceled, and adds that if an order is overpaid in cryptocurrency, the “overpayment amount will not be refunded to the original form of payment.

Notably, Musk and Billy Markus earlier this year pushed McDonald’s to accept DOGE as a form of payment, but the fast-food giant ultimately didn’t go ahead with such an integration.

Leave a Comment