Data shows that nearly 70% of all Dogecoin (DOGE) holders are currently in a state of profit, even though the cryptocurrency’s price has dropped from an all-time high above $0.70 to around $0.247 at press time.
According to data from IntoTheBlock, first reported on by Benzinga, 68% of Dogecoin holders are currently in a state of profit, while 26% are losing money. Only 6% of the cryptocurrency’s holders are breaking even.
The price of Dogecoin hit a new all-time high above $0.70 earlier this year as search interest for the cryptocurrency exploded ahead of a massive 10,000% rally DOGE underwent. The surge seemingly started with the WallStreetBets subreddit, as a Twitter account going by WSB Chairman asked whether DOGE had ever traded at $1 before the cryptocurrency started pumping on a retail trading frenzy.
Shortly after the cryptocurrency started pumping, Tesla CEO Elon Musk and other celebrities started tweeting about the meme-inspired cryptocurrency, fueling the rally. It hit its all-time high after Musk said it is a “a hustle” on Saturday Night Live and has since plunged to its current level.
Most Dogecoin holders may be in a state of profit, however, because they are doubling down on their investments. Glauber Contessoto, a Dogecoin investor famous for investing his $250,000 life savings in the meme-inspired cryptocurrency in early February to become a millionaire, has doubled down on his bet In the meme-inspired cryptocurrency by investing an additional $25,000 in it.
In an interview in June, Contessoto said he did not lose faith in his investment and was planning to add more Dogecoin to his holdings during dips. He planned on holding onto the investment for at least one year.
Per his words, people get “caught up in the short-term and don’t have the patience to see the investment all the way through.” He added that volatility comes “with the territory,” and investors who aren’t able to “stomach the fluctuations” are “maybe not cut out for crypto.”
As CryptoGlobe reported, earlier this year leading U.S. movie theater chain AMC has revealed it is now accepting dogecoin payments for digital gift cards that are then accepted on the company’s website, mobile application, and in theaters. According to data from Cryptwerk, over 1,700 businesses now accept DOGE as a payment option.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash