- 73% of Dogecoin holders had profits at the time of writing.
- However, the Dogecoin statistics gave mixed signals.
At the time of writing, Dogecoin was priced at $0.1073, up 1.5% in the past 24 hours. According to CoinMarketCap data, the market cap was $15.2.
Trading volume increased by 36.63% to reach $954.5 million. This increase in trade could mean more people are becoming interested in the coin.
The price of Dogecoin has been fluctuating lately. It is up 1.5% in the past 24 hours, but down 12.15% in the past seven days. Even with these changes, most DOGE owners are still making a profit.
Data from IntoTheBlock shows that 73% of addresses with DOGE are ‘in the money’, meaning they bought at a lower price than they are now.
Source: IntoTheBlock
Dogecoin whales are in control
Although many small investors own Dogecoin, whales control the market.
Furthermore, AMBCrypto’s analysis of the IntoTheBlock data shows that 62% of all Dogecoin is owned by these major investors. This indicates that a small number of people can have a large effect on the price.
Mixed signals in the market
Interestingly, while most holders are making a profit, Coinglass’s heatmap liquidity data suggests that some investors are optimistic about the price drop.
This difference between the holder’s profits and the trader’s interests creates an unusual situation for DOGE.
Source: Coinglass
With so many addresses making a profit, there is a chance that the price of Dogecoin could rise. When many holders make money, it sometimes leads to more purchases.
However, the negative positions of some traders make it difficult to predict what will happen next.
Realistic or not, here is DOGE’s market cap in BTC terms
What’s next for DOGE?
Right now, Dogecoin is in an interesting place. Most holders make a profit, but some investors have a bearish bias. The fact that big investors control so much Dogecoin adds another layer of uncertainty.
Dogecoin’s next move will likely depend on how these various factors cancel each other out
