The price of Dogecoin (DOGE) fell after Elon Musk undoubtedly removed the Shiba Inu dog and replaced it with the official Twitter logo on the social media site. Despite these changes, it hasn’t had much of an impact on the profit margins of DOGE investors, with most of them still profiting from holdings of their meme currency.
Even after the 10% drop in the previous two days, which had pushed Dogecoin’s price back down to $0.08, most holders were still profitable. According to IntoTheBlock statistics, 55% of all DOGE investors are still “making money”. This makes about 39% of investors lose money at current prices and the remaining 6% are neutral, indicating that they bought their coin in the same price range DOGE is currently trading.
Surprisingly, the number of long-term DOGE holders continues to grow. Meme coin currently has 73% of all investors holding their tokens for over a year, which is historically optimistic for any digital asset. The longer these investors hold onto their coins, the less likely they are to sell, alleviating some of the market’s selling pressure.
Whale DOGE transactions (transactions with a total value of over $100,000) also increased in the past week, totaling more than $2.89 billion in the seven-day period. There was a significant uptick around the middle of the week when the Elon Musk frenzy was at its peak, but this massive transaction has slowed down as the price of the meme coin plummeted.
DOGE’s recent decline has put it in line with the rest of the crypto market. Instead of wild breakthroughs, meme coins evolve much more slowly, in keeping with the momentum of broader market movers such as Bitcoin and Ethereum.
Dogecoin has lost most of its gains from the start of the week, but still appears to be doing well in the medium to long term, with prices above the 50-day and 100-day moving averages. Its first barrier is currently just over $0.09, which is encouraging given that there is now plenty of support above $0.08. As long as the meme currency stays above this support level, a retest of $0.1 will occur sooner rather than later.
Despite this, DOGE continues to suffer heavy losses when compared to the other top ten cryptocurrencies. It had fallen more than 9% in the previous 24 hours, making it the poorest player in the group. DOGE, on the other hand, is doing well on the weekly chart, up 11%, and its daily volume remains above $1.3 billion.