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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

63% Of Dogecoin Holders Are Making Money

Dalmas Ngetich
Dalmas Ngetich
2 years ago
2 mins read
Dogecoin DOGE

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According to InTheBlock on-chain data, 63% of Dogecoin (DOGE) holders are profitable at spot prices. Only 35% are out of the money, while just 2% are at break even.

74% Of Dogecoin Holders Are Making Money

DOGE is a top-10 cryptocurrency with a market cap of $12.4 billion. The coin is changing hands at $0.094 per data streams from CoinMarketCap (CMC).

On-chain trackers also reveal that most, at 74%, DOGE holders have held their coins for over one year. Meanwhile, 23% have been with their coins for the better part of the last year. Less than 3% of DOGE holders recently bought their coins. 

Dogecoin Holders

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A significant percentage of “Addresses by Time Held” have held their coins for over a year, which means they are confident of the project’s prospects. This, in turn, is revealed in the coin’s liquidity depth. Per CMC, DOGE posted average daily transaction volumes exceeding $670 million. 

Parallel data from IntoTheBlock shows that over the past week of trading, over $1.4 billion of transfers, each moving more than $100,000, were moved. Whales might have opted for Dogecoin because of its low fees and DOGE being listed in several exchanges, including Coinbase.

Weathering The Crypto Storm

Dogecoin has overcome headwinds over the months, weathering through the storms of the crypto winter and still managing to be a top-10 crypto project even after dropping over 90% from peaks. 

Dogecoin Price On February 4
Dogecoin Price On February 4| Source: DOGEUSDT On Binance, TradingView

At the height of the crypto bull run of 2020 through 2021, DOGE was trading at over $0.75. DOGE reached its highs hours later when Elon Musk appeared on the Daily Night Show.

The less than 3% of DOGE holders, InTheBlock says, can be classified as traders. These are addresses that move in and out, probably trading the coin. Presently, DOGE is heavily correlated with Bitcoin, at 0.93. Therefore, at this pace, DOGE tends to follow in lockstep whenever BTC prices increase. 

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Dogecoin Whales Move Large Amounts, Bearish For DOGE?

2 years ago

DOGE is the native currency of Dogecoin, a cryptocurrency “meme” project. Though it started as a joke at first, it has grown over the years, finding endorsement from Elon Musk, a centi billionaire and one of the top entrepreneurs behind technology firms like Tesla and Twitter. 

Elon acquired Twitter for $44 billion in late October 2022, and there were rumors of the social media giant integrating DOGE for payments. In this way, Twitter would eliminate bots, most of which were guided to operate scams.

Feature Image From Canva, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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