More than 60% of dogecoin holders are still in the green

The current bear market has caused many investors of cryptocurrencies to be in the red right now. However, the popular meme coin dogecoin (DOGE) is an exception to this and, relative to other cryptocurrencies, performs extremely well. For example, you could read earlier in the altcoin news that DOGE was the best performing coin in the month of October.

In this month, Elon Musk, CEO of Tesla and SpaceX, had taken over the social media platform Twitter. Due to the expectation that DOGE would be integrated in a certain way, the share price had risen considerably.

Dogecoin holders in green

According to data from CoinMarketCap about 61% of all dogecoinholders currently posting a profit. 3% of all holders are standing break even and 36% are in the red. On chain data also shows that a majority of holders (69%) have owned the meme coin for more than a year. 25% of investors have owned DOGE for less than a year and 6% have owned DOGE for a month or less.

Recently you could read in the bitcoin news that no less than 51% of all wallets on the Bitcoin (BTC) network are currently in the red. Compared to the meme coin coveted by Elon Musk, the king of cryptocurrencies is doing a lot worse.

Twitter and Elon Musk

However, dogecoin’s performance is purely driven by speculation and not based on facts. For example, DOGE’s share price rose by almost 20% after Musk shared his first company presentation on Twitter. Here the plans for ‘Twitter 2.0 – The Everything App’ were shared and the word ‘payments’ was mentioned in the last slide. This increased the hope among dogecoin investors that it will be integrated into the platform’s payment options.

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As a result of Musk’s acquisition of Twitter, the share price rose by almost 150% within a few days. Those are impressive numbers for a bear market.

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