More than half of DOGE holders are profitable despite the 2022 cryptocurrency carnage

Most investors in the meme coin Dogecoin (DOGE) are still making money as the 2022 cryptocurrency market carnage continues. I can’t reproduce the profit for the year.

Notably, as of December 27, approximately 54% of DOGE holders were profitable based on the price of the token at issuance. An additional 43% of current Dogecoin holders are in loss, with 3% reaching breakeven, according to the company. into the block data.

Elsewhere, most Dogecoin holders are profitable, but a significant percentage of investors in the 8th largest cryptocurrency by market capitalization have held their assets for over a year at 70%.At the same time, 26 % are 1-12 month investors. Only 4% have held cryptocurrencies for less than a month.

Dogecoin price analysis

At the time of writing, Dogecoin is trading at $0.074, correcting almost 2% in the last 24 hours. On the weekly chart, decentralized finance (DeFi) assets are down less than 0.1% as tokens are consolidated in line with the general market. Moreover, the market capitalization of this asset is $9.87 billion.

Even though Dogecoin trades primarily in the red zone, Memecoin has given us a glimpse of the rally triggered by input from Tesla (NASDAQ:TSLA) CEO Elon Musk.In particular, DOGE Musk’s regular comments on Twitter (NYSE: TWTR) expressing support for the stock market acted as a key catalyst for the rally in asset prices.

Part of the recent uptick came after Musk officially acquired Twitter on speculation that the token could be incorporated as a payment system for social media platforms.

What’s next for DOGE?

Overall, investors are looking for news that could increase adoption and increase network development. For example, DOGE briefly rebounded after reports surfaced that Musk and Ethereum (ETH) founder Vitalik Buterin may be working to improve their digital assets.

Meanwhile, DOGE has been plagued by general market conditions resulting from events such as the collapse of the FTX cryptocurrency exchange.

At the end of 2022, DOGE investors hope the asset will hit bottom and embark on a new upswing.However, Dogecoin fans will appreciate that the machine learning algorithm price prediction A project where DOGE could trade at $0.079 on January 1, 2023.

Disclaimer: The content of this site should not be considered investment advice. Investment is speculation. Your capital is at risk when you invest.