Elon Musk’s favorite cryptocurrency is a far cry from its all-time high of $0.73 set in 2021. But for most Dogecoin holders, there’s no reason to tuck its tail between its legs.
According to IntoTheBlock, about 77% of Dogecoin (DOGE) holders are holding the currency — meaning the price of the cryptocurrency is higher than when people bought it. With 21% of Dogecoin holders reporting losses, that leaves 2% of holders at breakeven.
The original meme coin, with a market cap of $20 billion, was created as a joke in 2013, but it holds a semi-serious place in the heart of the Tesla CEO. Dogecoin was followed by a wave of canine-themed coins based on a popular meme featuring a Shiba Inu.
Although Musk’s Dogecoin posts have largely disappeared, his cheerleading on Twitter has spurred Dogecoin’s rise in 2021. DOGE set its peak at $0.73 early on May 8, 2021 — just hours before Musk appeared on “Saturday Night Live.” Memecoin investors prayed that his prominent hosting role would boost DOGE, perhaps even to the fabled $1.00 mark.
Instead, the opposite happened. When Elon and his mom made fun of Dogecoin, the coin dropped more than 20% in about an hour, and he joked during the show’s “Weekend Update” segment that it was “a hoot.” It hasn’t recovered since.
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While some believe memecoins are undermining the long-term vision of cryptocurrencies, the memecoin craze could lead to outsized returns for some traders. For others, high-risk bets could quickly turn sour as crypto markets oscillate with their signature volatility.
As of writing, Dogecoin’s price has risen 5% over the past day to $0.14, according to Coingecko. Still, the cryptocurrency’s price is down 21% over the past 30 days and is significantly below its multi-year high of $0.22 in March.
However, when it comes to the degree of on-paper gains for holders, Dogecoin doesn’t appear to be the top dog relative to other memecoins with furry, four-legged mascots. That title currently belongs to Ethereum-based memecoin Floki, with 83% of holders in the coin.
At the tail end of the wrap, 60% of Shiba Inu (SHIB) holders were in profit on paper. (IntoTheBlock does not report data on Solana-based DogWifHat or Bonk. Meanwhile, 75% of memecoin Pepe holders were in the green.
From pop culture to internet memes and even celebrity deaths, memecoins are unique as a subgroup of digital assets that often have little to no utility. Instead, they live mostly on buzz. But sometimes, they disappear altogether. #狗狗币是数字货币的未来🐕 #AI板块强势进击 #BTC走势分析
