Summary of the Article:
- Dogecoin (DOGE) saw a drawdown in price after Elon Musk changed his Twitter logo.
- Despite this, 55% of Dogecoin investors still remain in profit.
- The number of long-term DOGE holders is on the rise and whale transactions have also ballooned in the past week.
Dogecoin Price Drawdown After Twitter Logo Change
After Elon Musk removed the Shiba Inu dog from his official Twitter logo and put something else instead, Dogecoin (DOGE) saw a drawdown in its price. However, this has not had too much effect on the profitability margins of DOGE investors as majority of them still remain profitable.
55% Of Dogecoin Investors Still In Profit
According to data from IntoTheBlock, 55% of all DOGE investors are still ‘in the money.’ Even after an over 10% decline over the last two days that has brought the price back to $0.08 level once more, many investors are seeing a profit. Around 39% are losing money at current prices while 6% are neutral – meaning they last bought their coins in same price range as it is currently trading.
Long-Term Holders On The Rise
Interestingly, the number of long-term DOGE holders is increasing which is bullish for any digital asset as these investors are less likely to sell their coins and hence removing some sell pressure from market. Currently 73% of all DOGE holders have held their tokens for more than 1 year.
Whale Transactions Ballooning
Dogecoin whale transactions (transactions with total value over $100,000) also increased significantly in past week reaching over $2.89 billion during 7 day period. There was particularly notable increase when hype about Musk was at peak but these large transactions have abated since then as price declined sharply.