This is how many Dogecoin holders are dealing with profit and loss

This is how many Dogecoin holders are dealing with profit and loss

Dogecoin had a phenomenal bull run in the first half of 2021 and gained worldwide attention overnight. The meme coin broke past highs and shot straight up to $0.73 in May last year. Tesla CEO Elon Musk is hugely responsible for Dogecoin’s success after announcing he invested in the meme coin. The billionaire repeatedly tweeted about Doge and talked about it in interviews and return, attracted millions of new investors to the crypto market.

Fast-forward to today, Dogecoin is barely on the map in terms of price and cannot replicate last year’s run.

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How many Dogecoin investors have profit and loss?

Dogecoin can be divided into two segments of investors. The first segment is the early holders who bought the meme coin before it stole the global spotlight. The second segment of the holders are people who entered the market after it crossed the $0.01 mark.

Surprisingly, an equal number of Dogecoin investors are currently in profit and loss. Data from CoinMarketCap shows that 48% of Dogecoin investors are making a profit. On the other hand, an equal number of 48% of investors are at a loss. In addition, 4% of investors are currently breakeven, CoinMarketCap indicates.

Source: CoinMarketCap

Can Doge come to life?

Source: Unsplash

Meme coins usually thrive on hype and when the hype dies down, the bull run comes to a halt. Not much is happening in the Doge arena at the moment and everything seems to be dull and stable. For Doge to come back to life and get back on track, it needs to generate quite a bit of hype.

The only way to regain global attention is the DOGE-1 Lunar Mission. Elon Musk’s SpaceX will literally send Dogecoin to the moon by putting the meme coin logo on the Falcon 9 rocket. The Dogecoin-funded mission will carry a 40-kilogram cube satellite with DOGE-1 on the rocket.

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The launch of DOGE-1 Lunar Mission is planned in December 2022. The rocket launch that will go to space could create significant hype that could drive the price up. But once the launch is over, the hype can die out again, repeating the same cycle of non-performance.

At the time of the press, Dogecoin traded at $0.06 and is up 5.9% in 24-hour trading. It is down 91.3% from its all-time high of $0.73, which it reached in May last year.