Dogecoin: 73% of holders in profit, but market indicators predict…

  • 73% of Dogecoin holders were in profit at press time.
  • However, Dogecoin metrics gave mixed signals.   

As of this writing, Dogecoin was priced at $0.1073, a 1.5% surge in the last 24 hours. Its market capitalization stood $15.2, according  to CoinMarketCap data.

The trading volume spiked by 36.63%, reaching $954.5 million. This increase in trading could mean more people are getting interested in the coin. 

Dogecoin’s price has been fluctuating lately. It went up by 1.5% in the last 24 hours, but fell by 12.15% in the last seven days. Even with these changes, most DOGE owners are still in profit.

IntoTheBlock data shows 73% of addresses holding DOGE are “in the money,” meaning they bought at a lower price than it is now.

in and at money DOGE

Source: IntoTheBlock

Dogecoin whales are in control

While many small investors own Dogecoin, whales are in control of the market.

Further, AMBCrypto’s analysis of the IntoTheBlock data shows that 62% of all Dogecoin is in the hands of these large investors. This indicates that a small number of people could have a big effect on its price.

Mixed signals in the market

Interestingly, even though most holders are in profit, heatmap liquidity data from Coinglass suggests some investors are optimistic about the price going down.

This difference between holder profits and trader interests creates an unusual situation for DOGE.

Binance DOGE USDT Liquidation Heatmap24 hour 2024 07 08 16 50 16Binance DOGE USDT Liquidation Heatmap24 hour 2024 07 08 16 50 16

Source: Coinglass

With so many addresses in profit, there is a chance Dogecoin’s price could rally. When lots of holders are making money, it sometimes leads to more buying.

However, the negative positions held by some traders make it hard to predict what will happen next.

Realistic or not, here’s DOGE’s market cap in BTC’s terms

What’s next for DOGE?

Right now, Dogecoin is in an interesting spot. Most holders are in profit, but some investors have a bearish bias. The fact that big investors control so much Dogecoin adds another layer of uncertainty.

Dogecoin’s next move will likely depend on how these different factors cancel out

Next: Will Solana’s memecoin scene heat up with Tequila JULIO’s launch?

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