Most Dogecoin Holders Didn’t Buy the Elon Musk Top

Elon Musk’s favorite cryptocurrency is far from its all-time high of $0.73, set in 2021. dogecoin For holders, there is little reason to tuck the tail between the legs.

Approximately 77% of Dogecoin (DOGE) holders are in-the-money (meaning the price of the cryptocurrency is higher than the relative price at which people bought it). Into the Block. With 21% of Dogecoin owners posting paper losses, only 2% of owners are at breakeven.

The original meme coin with a market capitalization of $20 billion was created in 2013 as a jokebut it is semi-serious place Inside the mind of the Tesla CEO. A cadre of dog-themed coins have steadily sprung up after Dogecoin, based on a popular meme featuring a Shiba Inu.

Although Musk’s posts on Dogecoin have mostly decreased, his support activities on Twitter have increased. It takes a spur of the moment Dogecoin rises in 2021. Doge set his highest price at $0.73 in the early morning hours of May 8, 2021, hours before Musk was scheduled to appear on “Saturday Night Live.” Memecoin investors prayed that his outstanding hosting role would propel DOGE to perhaps the legendary $1.00 mark.

Instead, the opposite happened.token Buckling of 20% or more About an hour after Elon and his mom made fun of Dogecoin and joked that it was “a big deal” during the show’s “Weekend Update” segment. I have never recovered since then.

meme coin is undermine long-term vision of cryptocurrency, meme coin mania May lead some traders oversized returns. For others, the risky bet is becomes sour quickly Cryptocurrency markets fluctuate with significant volatility.

As of this writing, Dogecoin’s price was up 5% in the past day to $0.14. CoinGecko. Still, the cryptocurrency’s price has fallen 21% in the past 30 days, and it is particularly far from its multi-year high of $0.22 in March.

However, when it comes to the degree of paper profit for holders, Dogecoin doesn’t seem to be the top dog compared to other meme coins that boast furry four-legged mascots. This title currently belongs to the Ethereum-based meme coin Floki, which owns 83% of its owners.

Towards the back of the pack, 60% of Shiba Inu (SHIB) owners are profitable on paper. (IntoTheBlock does not report data on his Solana-based DogWifHat or Bonk.) Meanwhile, 75% of meme coin Pepe holders are green.

The subject matter is everything from pop culture to internet memes. death of famous person— Meme coins are often distinguished as a subgroup of digital assets that offer little or no utility. Instead, they primarily move by vibe. But sometimes they disappear completely.

Edited by Andrew Hayward

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