According to cryptocurrency analysis firm IntoTheBlock, 80% of Dogecoin (DOGE) holders are in profit, 17% sit on losses, and 3% are even. The platform also notes that 67% of DOGE holders have held for over a year, while 31% have held between one and 12 months.
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Analyzing Dogecoin’s Recent Performance and Future Potential
Rise in Number of Holders in Profit
The rise in the number of holders in profit comes amid DOGE’s recent price spike. The asset is currently the best-performing cryptocurrency among the top 10 projects by market cap and the third-best-performing among the top 100.
The meme coin’s price is up 15.4% in the weekly charts, 27.1% in the 14-day charts, 29.6% over the previous month, and 121.7% since October 2023. Despite the rally, the asset has faced a 3.2% correction in the last 24 hours.
Why Did Dogecoin’s Price Rally?
DOGE’s latest rally was likely due to Elon Musk proposing the creation of a Department of Governmental Efficiency (D.O.G.E.) under the Donald Trump administration, given that he won the upcoming US presidential election. Musk recently said at a Trump campaign that he makes DOGE jokes because he likes the project.
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Many analysts anticipate a market-wide rally if Trump gains control of the White House. Given that Musk is one of his most significant supporters, a Trump victory may lead to a price surge for DOGE.
Can The Memecoin Hit $0.20 Next?
Musk’s comments have often led to rallies for Dogecoin (DOGE). Despite support from the world’s richest person, DOGE’s price seldom holds steady.
CoinCodex analysts anticipate DOGE’s dip over the next few weeks. The platform predicts the meme coin will slip to $0.119 on Nov. 20, 2024. Reaching $0.119 from current price levels will translate to a dip of about 13.77%.
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There is a possibility that Dogecoin (DOGE) will not face a correction, as predicted, but will continue its upward momentum in November. If Donald Trump wins the Presidential election, the meme coin could surge to a new all-time high.