BlocksInform
Most Dogecoin cryptocurrency holders inspired by meme ($doge) stay in a profit state, despite a bearish market for more than a year in the cryptocurrency space which has seen the value of most digital assets plummet.
Based on the data company's chain in the block, Fifty-seven percent of dogecoin addresses are in cash, Which means they've purchased their chips below market prices, while 41 per cent of holders are cash strapped, or purchased their dog in excess of current market prices.
Also read: Does Dogecoin Have a Cap or Supply Limit?
Cryptocurrency inspired by memes has lost more than 50% of its value in the last 12 months in the middle of a broader cryptocurrency market bear. It has rebounded in recent months as over the past 6 months, cryptocurrency has increased by more than 10%.
As CryptoGlobe reported, late last year the largest whale on the cryptocurrency’s network moved over $280 million in the cryptocurrency to a new address, that has since become the 5th largest one on the network.
Dogecoin’s largest address, known for at one point holding 28% of the meme-inspired cryptocurrency’s circulating supply, has been tagged on explorers as belonging to the commission-free trading platform Robinhood (NASDAQ: HOOD). If the whale is indeed of tap wood, then the address is simply their refrigerated storage purse, where user funds are kept.
Others, however, speculate portfolios are owned by tesla, twitter, and spacex elon musk CEOs. Musk said doge is its preferred cryptocurrency and did the promotion on social media while adding it as a payment option for the tesla merchandise.
Lookonchain chain analysis service has shared data suggesting that musk is behind the address of the whales, as the whale added large quantities of chips at times coincident with musk tweets lying on the cryptocurrency.
It is interesting to note that these entries might also be related to $doge holders moving their funds to robinhood to trade the word-based cryptocurrency musk, as it was known for displacing the price of cryptocurrency.
As reported, Search interest for the meme-inspired cryptocurrency exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.
Also read: Dogecoin (DOGE) Price History: What Price Did DOGE Start At?
Doge interest has since declined in the midst of a larger decline in the cryptocurrency market. However, the market capitalization of cryptocurrency has recently exceeded that of the base of cryptocurrency currency listed in nasdaq.
