Over Half of DOGE Holders Profit Despite 2022’s Crypto Carnage

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As the 2022 cryptocurrency market carnage continues to unfold, most investors in the Dogecoin (DOGE) meme coin are still making money. Notably, DOGE’s popularity and earnings have dropped significantly, with the token unable to replicate 2021’s gains.

In particular, as of December 27, approximately 54% of DOGE holders are making profits based on the price of the tokens at the time of publication. According to data from IntoTheBlock, 43% of current Dogecoin holders are at a loss, while 3% have broken even.

DOGE holders earn money. Source: IntoTheBlock

Elsewhere, while most Dogecoin holders are making a profit, a sizable share of investors in the eighth cryptocurrency by market capitalization have held the asset for over a year at 70%. At the same time, 26% are investors between 1 and 12 months. Only 4% have held the crypto for less than a month.

DOGE holder composition. Source: IntoTheBlockDogecoin Price Analysis

At press time, Dogecoin was trading at $0.074, having corrected nearly 2% in the past 24 hours. On the weekly chart, the decentralized finance (DeFi) asset fell less than 0.1% as the token consolidated in line with the broader market. Additionally, the asset has a market capitalization of $9.87 billion.

Seven-day Dogecoin price chart. Source: Finbold

Although Dogecoin is mostly trading in the red zone, the coin meme recorded glimpses of a rally triggered by input from Tesla (NASDAQ: TSLA) CEO Elon Musk. Notably, Musk’s (NYSE:TWTR) regular comments on Twitter expressing his support for DOGE acted as a key catalyst for the rise in asset prices.

Part of the recent rally was sparked after Musk formally acquired Twitter with speculation that the token could be integrated as a payment system on the social media platform.

What future for DOGE?

Overall, investors will be looking for a possible increase in adoption news and increased network development. For example, DOGE rallied momentarily after reports surfaced that Musk and Ethereum (ETH) founder Vitalik Buterin may be working to improve the digital asset.

Meanwhile, DOGE has been hammered by general market conditions resulting from events such as the collapse of crypto exchange FTX.

By the end of 2022, DOGE investors are hoping that assets will have bottomed out and embark on a new rally. However, Dogecoin fans will likely encounter more consolidations given that PricePredictions’ machine learning algorithm projects that DOGE could trade at $0.079 on January 1, 2023.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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