Public holders of the digital currency Dogecoin (DOGE), the market leader of which is MemeCoin, are still in profit despite the prolonged bear market.
According to Valx and quoted by Cryptoglobe, on-chain data shows that 61% of Dogecoin owner addresses bought it at a price lower than the current market price. 35% are in losses and the remaining 5% are almost at a break-even point.
This data was published by IntoTheBlock, a service that provides on-chain analysis.
Dogecoin’s purchase price has lost more than half of its value over the past year during the current bear market. This currency is slowly recovering its price in recent months; During the last six months, the price of Dogecoin has increased by about 10%.
At the end of December last year, the biggest cryptocurrency whale, Dodge, moved $280 million worth of coins to a new address. Following this transfer, this address has become the fifth largest DOGE holder on the network.
The largest address on the Dodge network, which once held nearly 28% of the total supply, appears to belong to the Robinhood trading platform. If this is true, then the said transfer is simply the transfer of users’ assets between the cold wallets of this platform.
Others suspect that this address belongs to Elon Musk, the owner of Twitter, the CEO of Tesla and the self-proclaimed godfather of the Dodge cryptocurrency. Musk has repeatedly announced his interest in this currency.
Despite the decline in popularity of the digital currency Dodge, after the extraordinary wave of its price increase of 10,000% from April 2020 to April 2021, the market value of this cryptocurrency is now more than the value of the Coinbase exchange on the Nasdaq stock market.
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