Dogecoin has risen nearly 30% in price since the start of 2023 indicating that meme-coins are alive and trending. The meme-coin economy grew significantly this year by increasing 34.52% against the USD. During the early days of the year, the meme-coin segment had a market cap of $16.8 billion but spiked to $22.6 billion on Monday. That’s a growth of 5.4% in less than 35 trading days. Both Dogecoin and Shiba Inu saw a phenomenal rise giving the community a sense of fresh air after facing despair last year.
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Dogecoin: How Many DOGE Holders Are Now in Profits?
The majority of investors who entered the cryptocurrency markets post-2020 hold Dogecoin and Shiba Inu in their portfolios. Both the coins are affordable to the average investor making them a prime buy among all other investments. Also, new and first-time investors chose DOGE over SHIB as Tesla CEO Elon Musk regularly talks about the cryptocurrency.
According to data from on-chain metrics and analytics firm IntoTheBlock, 63% of Dogecoin investors are currently in profit. Only 2% of holders are breaking even as its price hovers around the $0.09 mark in February. Also, 35% of investors are under loss with Dogecoin as the meme-currency fell from a high of $0.73 in May 2021.
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The on-chain tracker also shows that over 74% of Dogecoin, investors have held the cryptocurrency for over a year. The development suggests that the majority of holders are long-term investors and don’t mind waiting until it reaches $1. Also, read here for a price prediction to know if Dogecoin might have the capability to reach $1 in 2023.
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At press time, Dogecoin was trading at $0.09 and is down 3.5% in the 24-hour day trade. It is also down 87.5% from its all-time high of $0.73, which it reached in May 2021.