Dogecoin Holders in Profit Rarely Drops Below 40% Despite Market Downturn

Data shows that DOGE holders in profit rarely drop below 40% regardless of market conditions.

Dogecoin (DOGE) holders have remained mostly profitable amid the numerous calamities that have plagued the markets over the years. This is according to a recent disclosure from IntoTheBlock, a leading blockchain intelligence company.

According to a tweet today from IntoTheBlock, the percentage of Dogecoin holders in profit rarely drops below 40%, regardless of market conditions. The last time the rate of holders in loss breached the 60% mark was during the bear market of 2015. This is in direct contrast to what is observed with other altcoins, which persistently see over 90% in losses during downturns.

Hold onto your seats #DogeArmy! DYK that $Doge holders in profit rarely drop below 40%? In fact, the last time @dogecoin saw over 60% of holders at a loss was in 2015. Impressive, given other altcoins often suffer 90%+ losses in bear markets. #Doge #HODL pic.twitter.com/xKn4YDRwmM

— IntoTheBlock (@intotheblock) March 2, 2023

The intelligence platform shared a chart to corroborate these claims. Data from the chart reveals a massive increase in DOGE holders’ profit percentage from January 2021 to the midpoint of the year when the asset hit its ATH of $0.73.

Although the rate of holders in profit has been gradually declining since then, it has remained above the 40% mark. As of press time, data reveals that 57% of DOGE holders are in profit at its current price of $0.08, with 3% of holders at a breakeven point.

According to IntoTheBlock, 75% of current holders purchased their assets over a year ago while 33% bought their holdings from one to twelve months ago.

DOGE Sentiments Remain Fairly High

This metric highlights the resilience of DOGE investors despite the prevailing market turbulence. Though social activity has declined since early 2021, proponents remain deeply invested in the project. Lunar Crush disclosed that DOGE was among the top 5 assets by social engagements last month.

Recently, Coins. Ph, a notable crypto exchange based out of the Philippines, disclosed that it would start supporting DOGE on its Coins Pro platform, allowing users to trade DOGE against the Philippine Peso (PHP).

Moreover, Unstoppable Domians, a leading domain name provider, announced that users can now buy Domains using DOGE. These developments came shortly after billionaire Elon Musk “confessed” to letting the “Doge” out. Three weeks back, Santiment data revealed that bullish sentiments on DOGE had hit a high last seen in October 2022.