Dogecoin (DOGE) Becomes Most Held Asset in India’s Largest Crypto App

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Gamza Khanzadaev

Dogecoin Gains Ground in India as DOGE Becomes Most Held Crypto There, Tied with Bitcoin and Ethereum

The Twitter account of CoinSwitch, India’s largest cryptocurrency buying and selling app, reported Dogecoin as one of the most held assets of the year among its users. DOGE was joined in first place by Bitcoin (BTC) and Ethereum (ETH). According to CoinSwitch itself, the app has a user base of around 20 million people.

Comment! #BTC #DOGE #ETH #Crypto pic.twitter.com/jxcni65xrI

CoinSwitch: India’s Largest Crypto App (@CoinSwitch) January 3, 2023

According to IntoTheBlock, 70% of all DOGE addresses have held tokens for over a year, with a large portion now known to have a presence in India. The decision was clearly not bad, as according to the same data, 53% of Dogecoin holders are currently in profit. Thus, out of more than three million non-zero Dogecoin wallets, 2.23 million have a positive PnL on DOGE.

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How do people make money with Dogecoin (DOGE)?

As further data shows, most of these profitable addresses, with the exception of very old DOGE whales, were buying the cryptocurrency at prices between $0.00132 and $0.058. So even investors who bought Dogecoin in June 2022 would now likely be beneficiaries.

At the same time, the reason why DOGE is one of the few cryptocurrencies that has managed to make money, even for latecomers, is the fact that it became a major focus when Elon Musk bought Twitter. Dogecoin should perhaps be considered an exception to the rule.

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