• Dogecoin (DOGE) saw a drawdown in price after Elon Musk changed the official Twitter logo.
• Despite this development, 55% of Dogecoin investors still remain in profit.
• The majority of long-term DOGE holders is still on the rise, with 73% having held their tokens for over a year.
Dogecoin Draws Down After Logo Change
Dogecoin (DOGE) saw a drawdown in price after Elon Musk inevitably removed the Shiba Inu dog and put that the official Twitter logo on the social media platform.
Majority Of Investors See Profits
But despite this development, it hasn’t much affected the profitability margins of DOGE investors, the majority of whom continue to see profits on their meme coin holdings so far. According to data from IntoTheBlock, a total of 55% of all DOGE investors are still ‘in the money.’
Long-Term Holders On The Rise
Interestingly, the number of long-term DOGE holders is still on the rise. The meme coin is now boasting a total of 73% of all investors who have now held their tokens for more than a year, a fact that has been bullish for any digital asset in the past. The more these investors hold their coins, the less likely they are to sell, hence, removing a certain amount of sell pressure from the market.
Whale Transactions Increase
Dogecoin whale transactions (transactions with a total value of over $100,000) also ballooned in the past week, reaching over $2.89 billion in this 7-day period. There was a notable rise during the middle of the week whenthe Elon Musk hype was at its peaked but these large transactions have eased up asthe price ofthe meme coin has plummeted.
DOGE Falls In Line With Crypto Market
Dogecoin’s declineoverthe lastfew dayshas put itback intandem withthe generalcryptomarket oncemore. Insteadofa crazybreakout, thememecoinismoving muchmore slowlywhichis inline withoverall momentumofmarketmovers likeBitcoinand Ethereum