Dogecoin (DOGE) is still a strong contender for the attention of digital currency investors who are chasing assets with the most potential. Larger assets and market leaders such as Bitcoin (BTC) and Ethereum (ETH) have often provided this for investors with large profit margins, but with the cryptocurrency winter, Dogecoin (DOGE) has seen more upside compared to its larger counterparts.
Majority Of Dogecoin (DOGE) Holders In Profit
A bear market is a time when several digital assets plunge in price and their profitability can hit new bottom Line. For Bitcoin (BTC) and Ethereum (ETH), it has been a rollercoaster year where it fluctuates in the middle of the majority being in profit or loss. This time around, both digital currencies are seeing a large part of their holder base being in losses but the same is not the case for Dogecoin.
When Elon Musk (Tesla & SpaceX CEO) had taken over Twitter, it had been a trigger the price of DOGE. The meme cryptocurrency had rallied greater than 100 percent in a matter of days, peaking at $0.15. Presently, it has lost a good portion of those gains but at $0.08, Dogecoin (DOGE) holders are having a better time compared to investors in other large cryptocurrencies.
Data from IntoTheBlock shows that while Bitcoin (BTC) and Ethereum (ETH) investors are seeing less than half of their holders in losses, 57 percent of all Dogecoin (DOGE) holders are in profit. It goes heavily against the current trend of losses where even DOGE’s largest competitor SHIB is seeing only 17 percent of its holders in profit at current price levels.
57 percent of Dogecoin (DOGE) holders in profit | Source: IntoTheBlock
The meme cryptocurrency likewise boasts a large base of longstanding holders with 69 percent of all investors have held their crypto tokens for greater than one year. Sentiments around Dogecoin (DOGE) are likewise quite positive trend compared to the rest of the market due to these factors.
Will Dogecoin (DOGE) Retake $0.1?
For now, even though Dogecoin (DOGE) is doing quite well, there are still speculations on where the price might still go from here. A $0.1 price point is not far-fetched for the digital investment. Nonetheless, there are still negative pressures on Dogecoin (DOGE) at this time due to the uncertainties that at present circle Twitter.
Nevertheless, Dogecoin (DOGE) continues to maintain over its 100-day moving average. This shows strong buy indicates for the digital investment even at current prices. The upcoming resistance level for Dogecoin (DOGE) at present lies at the $0.9 level and if the buying continues, then Dogecoin (DOGE) could easily test these levels.
There is likewise good support for Dogecoin (DOGE) at the $0.08 level which would come in handy if the bears were to try to retake control. Dogecoin’s ability to maintain such high profitability even through uncertain times lends credence to what billionaire Elon Musk (Tesla & SpaceX CEO) stated about the meme cryptocurrency is one of the digital currencies with a good future.
Featured image from Moneycontrol, chart from TradingView.com
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