Newton Gitonga
While the crypto market displays uncertainty following the latest bearish slide, data shows most Dogecoin (DOGE) holders are profitable.
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According to IntoTheBlock, 73% of Dogecoin investors are enjoying returns at the current price of $0.1084.
That means the individuals purchased the altcoin at a lower value.
Meanwhile, 26% endure losses, and 1% of Dogecoin holders at break-even.
The original meme crypto has faced massive price fluctuations in recent recessions, with bears taking charge.
Dogecoin plummeted by over 25% and 13% in the previous month and week, reflecting bearish dominance.
The 9th-largest digital coin has a market capitalization of $15.71 billion.
Meanwhile, IntoTheBlock showed that whales control 62% of Dogecoin’s supply.
While many small investors hold DOGE, large-scale investors can significantly impact market dynamics.
Dogecoin whales have influenced the coin’s price with significant transactions amidst market developments.
For instance, they transferred more than 400 million tokens following the recent record-high liquidations in the crypto market.
Also, these entities moved billions of DOGE assets as the meme crypto sector went wild following Donald Trump’s conviction.
DOGE’s mixed metrics
While most Dogecoin investors are making money, Coinglass reveals a vital signal. The data shows some players believe the altcoin will dip.
The contrast between profitable holders and trader stances places DOGE in an unusual case.
The multiple investors in profit could trigger more bullishness for the altcoin.
More individuals tend to purchase assets when others are making money.
Nonetheless, Coinglass shows some players hold negative positions, making it challenging to forecast DOGE’s imminent move.
Moreover, the significant control by whale investors makes predicting Dogecoin’s future puzzling.
Any move by large-scale holders can massively shift DOGE’s course.
Dogecoin’s current price action
DOGE trades at $0.1084 after losing nearly 1% over the past day.
While bears appear to dominate, the token’s current outlook displays a complex trajectory.
The massive number of investors at profit will likely amplify optimism among market participants, leading to more growth.
Nonetheless, bearish stances by some Dogecoin traders and the notable whale influence trigger worries.
Broad market sentiment will likely shape DOGE’s trajectory in the upcoming sessions.
Some analysts believe we could be early into the altcoin season.
Michael van de Poppe revealed that the altcoin market cap seeks support at a crucial level. Maintaining such momentum this week could signal impending recoveries.
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