Dogecoin [DOGE], the cryptocurrency born from internet meme culture, has been a wild ride for investors lately. With the price being rejected from its recent high of $0.165, questions are being raised about the profitability of DOGE holders amid the market's ups and downs.
At the time of writing, the asset was trading at $0.1441. DOGE saw a daily decline of 3% from its May 6 peak. This indicates a loss of 12% since then. This downturn is wiping out much of the gains it made in March, making investors wary of its future trajectory.
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Still, amid this volatility, a recent report sheds light on DOGE's investor landscape. Surprisingly, more than 83% of DOGE holders have profits, according to data from IntoTheBlock. This resilience shows the community's ability to weather market fluctuations and maintain profitability, especially for those who entered the market before the surge to $0.16.
By comparison, DOGE outshines its competitor, Shiba Inu [SHIB], in terms of profitability. While DOGE makes an impressive 83% of HODLers profit, SHIB lags behind with only 60% seeing green. This contrast underlines DOGE's stronger performance and the loyalty it commands from its investor base.
Challenges and hope
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However, it is critical to recognize that 13% of Dogecoin holders are currently facing losses. For these investors, the recent recession may be a concern, especially if they entered at the peak. Nevertheless, DOGE's historic resilience and dedicated community offer hope for a possible recovery in the future.
Additionally, as the market evolves, monitoring DOGE HODLer profitability provides valuable insights into the lifespan of the OG meme coin. While volatility remains constant, the diligence of the Dogecoin community is a testament to its growth potential.