• Dogecoin (DOGE) saw a drawdown in price after Elon Musk changed his Twitter logo.
• 55% of Dogecoin investors are still in profit, and 73% have held their tokens for more than a year.
• Whale transactions with a value over $100,000 have eased up as the price of DOGE plummeted.
Dogecoin Drops After Elon Musk Logo Change
Dogecoin (DOGE) saw a drawdown in price after Elon Musk inevitably removed the Shiba Inu dog and put that the official Twitter logo on the social media platform.
55% of DOGE Investors Still Profiting
But despite this development, it hasn’t much affected the profitability margins of DOGE investors, the majority of whom continue to see profits on their meme coin holdings so far. According to data from IntoTheBlock, a total of 55% of all DOGE investors are still ‘in the money’. This currently leaves around 39% of investors who are losing money at current prices and the remaining 6% being neutral, meaning that they last bought their coins in the same price range as DOGE is currently trading. Interestingly, the number of long-term DOGE holders is still on the rise. The meme coin is now boasting a total of 73% of all investors who have now held their tokens for more than a year,
Whale Transactions Ease Up
which has been bullish for any digital asset in the past. The more these investors hold their coins, the less likely they are to sell, hence removing a certain amount of sell pressure from the market. DOGE whale transactions (transactions with a total value of over $100,000) also ballooned in past week but peaked during midweek and have since eased up as price fell back down again .
Price Falls In Line With Crypto Market
DOGE’s decline over past few days has put it back in line with general crypto market once more instead if crazy breakout seen earlier this week when hype was at peak level which is good sign moving forward .
Conclusion
Dogecoin has shed its gains from early week but still holding strong at lower levels compared to other major digital assets like Bitcoin and Ethereum. Despite this drop majority if holders remain profitable which suggests that there is enough underlying demand to keep prices supported over time