Dogecoin [DOGE], the cryptocurrency born from internet meme culture, has been a wild ride for investors in recent times. As it faces rejection from its recent high of $0.165, questions arise about the profitability of DOGE holders amidst the market’s ups and downs.
At press time, the asset was trading at $0.1441, DOGE experienced a 3% daily drop from its peak on May 6. This signals a 12% loss since then. This downturn erases much of the gains it made in March, leaving investors wary of its future trajectory.
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Yet, amidst this volatility, a recent report sheds light on DOGE’s investor landscape. Surprisingly, over 83% of DOGE holders find themselves in profit, as per data from IntoTheBlock. This resilience showcases the community’s ability to weather market fluctuations and maintain profitability, especially for those who entered the market before its surge to $0.16.
In comparison, DOGE outshines its competitor, Shiba Inu [SHIB], in terms of profitability. While DOGE boasts an impressive 83% of HODLers in profit, SHIB lags behind with only 60% seeing green. This contrast underscores DOGE’s stronger performance and the loyalty it commands from its investor base.
Challenges and Hope
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However, it’s crucial to acknowledge that 13% of Dogecoin holders are currently facing losses. For these investors, the recent downturn may trigger concerns, especially if they entered at the peak. Nonetheless, DOGE’s historical resilience and dedicated community offer hope for a potential rebound in the future.
Furthermore, as the market evolves, monitoring DOGE HODLer’s profitability provides valuable insights into the longevity of the OG meme coin. While volatility remains a constant, the zeal of the Dogecoin community stands as a testament to its potential for growth.