Dogecoin had a phenomenal bull run during the first half of 2021 and gained worldwide attention overnight. The meme-coin breached past previous highs and shot up straight to $0.73 in May last year. Tesla CEO Elon Musk is hugely responsible for the success of Dogecoin after he announced he invested in the meme-coin. The billionaire repeatedly tweeted about Doge and spoke about it in interviews and return, attracted millions of new investors into the crypto market.
Fast-forward to today, Dogecoin is barely on the map in terms of price and is unable to replicate last year’s run.
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How Many Dogecoin Investors Are In Profit & Loss?
Dogecoin can be divided into two segments of investors. The first segment is the early holders who purchased the meme-coin before it stole the global limelight. The second segment of the holders are people who entered the market after it breached the $0.01 mark.
However, surprisingly, an equal number of Dogecoin investors are currently in profit and loss. Data from CoinMarketCap shows that 48% of Dogecoin investors are in profit. On the other hand, an equal number of 48% of the investors are in loss. In addition, 4% of investors are currently breaking even, CoinMarketCap indicates.
Can Doge Come to Life?
Meme-coins usually thrive on hype and when the hype fizzles out, its bull run comes to a screeching halt. There’s not much happening currently in the Doge arena and everything seems to be bland and stable. For Doge to come back to life and pick up steam again, it needs to generate a considerable amount of hype.
The only way to gain worldwide attention all over again is the DOGE-1 Lunar Mission. Elon Musk’s SpaceX will literally send Dogecoin to the moon by placing the logo of the meme-coin on the Falcon 9 rocket. The Dogecoin-funded mission will carry a 40-kilogram cube satellite with DOGE-1 on the rocket.
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The launch of DOGE-1 Lunar Mission is scheduled to be in December 2022. The rocket launch that will head to space can create considerable amounts of hype that might pump its price up. However, once the launch is over, the hype could fizzle out again and repeat the same cycle of non-performance.
At press time, Dogecoin was trading at $0.06 and is up 5.9% in the 24 hours day trade. It is down 91.3% from its all time high of $0.73, which it reached in May last year.