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Over 60% of Dogecoin holders are still in profit despite market volatility

Over 60% of Dogecoin holders are still in profit despite market volatility

A number of cryptocurrency investors have incurred losses in 2022, with the market undergoing a sustained volatility phase. However, despite the depressed market conditions, most meme cryptocurrency Dogecoin (DOGE) holders are making money despite the asset losing popularity. 

Indeed, as of November 28, about 61% of DOGE holders were making money at the asset’s price at the time of publishing. Another 36% are making losses, while 3% have broken even, according to CoinMarketCap data. 

DOGE holders making money. Source: CoinMarketCap

At the same time, on-chain data indicates a majority of the holders, at 69%, have held the token for over one year, while 25% are investors between one and 12 months. Only 6% have held the eighth-ranked crypto by market cap for less than a month. 

DOGE holder composition. Source: CoinMarketCap

Dogecoin price analysis

As things stand, Dogecoin is trading at $0.10, recording losses of about 10% in the last 24 hours. However, the weekly chart indicates that the meme coin has surged by over 25%. 

DOGE seven-day price chart. Source: Finbold

DOGE fundamentals

It is worth mentioning that DOGE’s price movement in 2022 has yet to replicate last year’s highs, but the asset continues to receive a boost from related adoption news. In this case, the token has surged in value, triggered mainly by input from Twitter CEO Elon Musk. 

Following Musk’s acquisition of Twitter, the asset has also registered short-term gains over speculation that the DOGE might be integrated as a payment option in the social media platform. At the same time, DOGE has recently gained after reports emerged that Musk and Ethereum founder Vitalik Buterin might be working to improve Dogecoin to attain more utility. 

Overall, Dogecoin’s price trajectory largely depends on how the general cryptocurrency market performs, considering the ongoing effects of the FTX crypto exchange collapse and the prevailing macroeconomic factors. At the same time, the asset’s price movement also depends on other fundamentals likely to influence its adoption. 

In particular, with the “DOGE-1 Mission to the Moon” seemingly back in play and the potential integration of Dogecoin into Twitter, the decentralized finance (DeFi) token will likely skyrocket and regain last year’s highs.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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