• Despite a drawdown in price, the majority of Dogecoin (DOGE) investors have seen profits due to their holdings.
• Whale transactions have ballooned over the past week as the Elon Musk hype was at its peak.
• DOGE’s decline has put it back in line with the general crypto market momentum.
Profits for Dogecoin Investors
Dogecoin (DOGE) saw a drawdown in price after Elon Musk removed the Shiba Inu dog and put that the official Twitter logo on the social media platform. But despite this development, it hasn’t much affected the profitability margins of DOGE investors, the majority of whom continue to see profits on their meme coin holdings so far. According to data from IntoTheBlock, a total of 55% of all DOGE investors are still ‘in the money.’
Long-term Holders Increase
Interestingly, the number of long-term DOGE holders is still on the rise. The meme coin is now boasting a total of 73% of all investors who have now held their tokens for more than a year, a fact that has been bullish for any digital asset in the past. The more these investors hold their coins, the less likely they are to sell, hence, removing a certain amount of sell pressure from the market.
Whale Transactions
DOGE whale transactions (transactions with a total value of over $100,000) also ballooned in the past week, reaching over $2.89 billion in this 7-day period. There was a notable rise during the middle of the week when Elon Musk’s hype was at its peaked but these large transactions have eased up as prices have plummeted.
Price Falls In Line With Crypto Market
Dogecoin’s decline over recent days has put it back in tandem with general crypto market momentum once more instead of experiencing wild breakouts like before. The meme coin is moving much more slowly which is in line with other major players like Bitcoin and Ethereum which influences pricing trends across digital assets markets globally.
Travel Company Launches New Program To Help Shiba Inu Holders Earn Commissions
The drop in Dogecoin prices hasn’t stopped some companies from trying to benefit from its success story either! A travel company recently launched an initiative that will help Shiba Inu holders earn commissions through various promotional activities and platforms such as websites and social media channels related to travel products or services they book or recommend to others online!