Dogecoin is down 88% from its all-time high of May 2021 and has been on a decline ever since so let’s read more today in our Dogecoin news.
This was the height of the bull market when Elon Musk got to his peak of shilling the meme coin. Since then, the digital asset didn’t fare well and it hit one of the worst declines which saw it slide 90% of its ATH but the investors were not faring as bad as one would think considering such a decline. For some, investing in the meme coins like DOGE can be likened to gambling and this is why a lot of holders were advised to take their profits. There are millions who continue to hold and believe strongly in the meme coin. For a larger portion of the investors and it is still paying off almost a year after the ATH as the holdings that see them in profits as Dogecoin is down 88% from its ATH.
A total of 53% of all investors are In profit as per the data from IntotheBlock. This means that even though DOGE is down by 88.23% from its high, it is still one of the most profitable ventures for the investors with most of them getting in earlier. This puts it ahead of the leading crypto BTC whose investors are only 51% in profits and below ETH which saw 59% of the investors in profit. The important distinction here is the fact that those in profit are those that usually held the tokens for more than a year. This put them at a buying price much lower than the current one and for the short-term holders, they are either in the neutral territory of 1% or in a loss of 46%.
DOGE’s price has dropped below 10 cents after holding above this level for the longest time and this puts it among some of the biggest losers from the largest coins in the past year and as a meme coin, it relies on the hype of any major movement and since it was scarce, the digital asset had a hard time holding the value. The recent downtrend has put it below the 50-day moving average and painted an all-around bearish picture for both the short and long term given the ability to stay above this point which is an indicator that a recovery is in play. However, now it looks like the digital asset is headed for more losses before the markets enter the next bull cycle.
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