The market’s large-cap coins, such BTC, ETH, BNB, ADA, and SOL, along with meme coins, were victims of Friday’s meltdown. While Shiba Inu and Dogelon Mars lost 7% and 11% respectively on a daily basis, Dogecoin, its meme-leader, managed to keep its losses to 6%.
As per a report by Insights, top Dogecoin hodlers seem to have purchased more, while the rest were selling.
Dogecoin supply in profit
Only around 40% of Dogecoins are purchased for less than 15 cents. Bear in mind that one address controls 23% of total dogecoin and is still active, transferring 200 million DOGE only a week ago.
READ ALSO: CNBC Host calls Dogecoin a ‘security’; Here’s how the community reacted
The last time total Doge hodler earnings were thus low was during the COVID meltdown in March 2020, when just 29% of doge hodlers profited.
There were just two occasions in Dogecoin’s history where supply in profit was this low if we omit data prior to March 2017.
Addresses having more than 100,000 but less than 1,000,000 Dogecoins sold early, namely on the first pump to 6 cents. Their holdings dropped from 9.1% to 7.33% of all coins in circulation. The set of addresses with 1m-10m performed the same thing.
Addresses with more than 10 million coins, on the other hand, increased from 74% to 78% during the pump and are again at a comparable level. It is possible that this group has numerous exchange addresses, and that this was and still is the end destination for a significant amount of Dogecoins.
What does this mean for DOGE?
It can be speculated that while smaller hodlers were selling off, the larger holders were buying and they continued to remain long-term bullish.
READ ALSO: Terra announces Luna Foundation Guard; Binance integrates LUNA
Although the market is in a very bearish turn, DOGE has always been able to capture the masses when there is a market turnaround. Dogecoin has rarely disappointed its fans and users alike. Whenever BTC has seen a bullish run, Dogecoin has been able to ride the wave as well.
Recently, tech giant Tesla announced that it would accept DOGE as a mode of payment for its merchandise department. This also helps DOGE gain much positive sentiment.