Despite the fact that Dogecoin (DOGE) is still a long way from its all-time high of $0.70 USD, over 70% of DOGE holders are currently profiting. According to the data, 26% of the holders are losing money, while 6% are making even.
Despite the fact that the coin is a long way off its all-time high of $0.70, according to IntoTheBlock data, as many as 70% of Dogecoin holders are currently in profit. According to the data, 26% of the holders are losing money, while 6% are making even.
You may recall that Dogecoin drew a lot of attention earlier this year when its price hit $0.70 and it became the most popular crypto asset during that time. The WallStreetBets subreddit, as well as celebrity involvement, including Tesla’s inventor, Elon Musk, were important factors in the price increase.
Since then, the electric car pioneer has posted multiple pro-Doge tweets, causing the meme coin to be pumped many times. He stated that Doge may be the currency used on Mars at one point, as well as showing his preference for the coin over some of its more illustrious peers.
Dogecoin Gaining Institutional Interest
Many businesses now accept Dogecoin as a payment mechanism for their services, goods, or items, which has sparked institutional interest in digital assets. One good example is AMC Theaters, the largest movie theatre chain in the United States, which just announced that it will now take the popular meme coin for its digital gift cards.
Apart from AMC, Cryptwerk data shows that the digital asset has been accepted as a preferred payment option by over 1700 firms, including BitPlaza.
The rise of Dogecoin has spawned a slew of imitators in the market, all of whom have experienced their own pump and dumps. Baby Doge, Daddy Doge, Mommy Doge, Shiba Inu, and, more recently, Floki Inu are some of the imitators.
According to a recent Wall Street Journal investigation, there has been a secret struggle among these clones over who owns the Dogecoin trademark.
Dogecoin was selling for $0.2378 at press time, with a market valuation of approximately $31 billion.