Be Wary of Dogecoin! New Research Shows Over 59% of Dogecoin Holders Are in Loss

• New data shows more than 59% of Dogecoin holders are suffering from losses. 
• Only around 31% are in profits, and the other 10% are within the neutral range. 

Dogecoin often gets the descriptions of the king of meme coins, mostly due to the amount of support and the market cap. So, there was a recent scare among holders as New data shows a massive drop in the number of people in profit. 

Dogecoin Holders are in Losses 

• According to new data, a vast majority of Dogecoin holders and investors are suffering massive losses. So, Dogecoin is a crypto project that is basically a meme coin with a large backing of pop culture. Over the years, the crypto community continues to witness the consistent growth of this crypto project. So, many of the early investors of Dogecoin were in massive profits, especially in 2021, when the price of cryptocurrencies increased to new levels. However, that’s not the case anymore, as many Dogecoin holders are now in massive losses. 
• The crypto market is currently nothing to write home about in comparison to the price levels of 2021. So, many market conditions made the price of many cryptocurrencies go down. Dogecoin is part of these cryptocurrencies. So, new data from IntoTheBlock shows that 59% of Dogecoin addresses are at a loss. This is a sad development in comparison to the condition of the Dogecoin ecosystem in 2021. 

More Details About the 59% of Dogecoin Holders in Losses 

Image from IntoTheBlock 

• According to data from IntotheBlock, the number of Dogecoin holders in profit is consistently on the decrease. So, the information from IntoTheBlock reveals that only 31% of the total holders are in profit. Furthermore, only approximately 10% of the holders are neutral, whereas 59% of the Dogecoin holders are at a loss. So, all these data are under the classification of the bad news of the Dogecoin ecosystem. 
• On the other hand, there are some good takeaways for Dogecoin holders. So, for more than one year, about 72% of Dogecoin holders continue to hold onto the meme coin despite the market condition. About 26% continues to hold even after 2 to 12 months. Lastly, only around 2% of Dogecoin holders are in it for less than a month. 

Current State of the DOGE 

Image from Coinmarketcap 

• According to data from. Coinmarketcap, Dogecoin is currently trading at around $0.059. So, this is after the brief bullish market that made Bitcoin reach the price level of $30k. 
• Moreover, many things are currently looking good within the DOGE price metrics. So, it is now up by more than 2% in the daily and weekly charts, respectively. Furthermore, the trading volume of this cryptocurrency is maintaining a healthy balance at over $100 million. 

Conclusion 

According to data from IntotheBlock, there is some bad news regarding the Dogecoin ecosystem. So, around 59% of Dogecoin holders are currently suffering from a massive loss. In other words, only a meager number of 31% of holders are presently staying within the profit margin.

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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.