More than 85% of Dogecoin Holders saw a positive return on their investment in the Shiba Inu-themed cryptocurrency after the token’s rally earlier this week, according to new data.
Dogecoin is trading near $0.166 as of this writing, up 49% from last month, CoinGecko data watch. This is still 77% below the token’s all-time high price, just above $0.73, set in May 2021.
Nonetheless, around 86% of Dogecoin (DOGE) holders are in the green, meaning the token’s current price exceeds what the majority of its investors purchased their holdings at, according to data from IntoTheBlock. An additional 11% of token holders lost money on their investments, while 3% of holders broke even.
The dog-inspired coin, founded in 2013, has a market capitalization of over $24 billion, with most of its investors holding the token for relatively long periods of time.
According to data from IntotheBlock, approximately two-thirds of Dogecoin holders have held the meme coin for more than a year. Meanwhile, 31% have had the cryptocurrency in their possession for less than a year, while 2% have held the token for less than a month, according to the same data.
The majority of Dogecoin holders have been in the green for at least several months as cryptocurrency markets experience a resurgence. However, the number of investors seeing positive returns on the token has increased amid Dogecoin’s latest rally.
The price of Dogecoin jumped earlier this week as Tesla and SpaceX CEO Elon Musk is on tour with Republican presidential candidate Donald Trump, including a rally at New York’s Madison Square Garden on Sunday. Musk is a longtime fan of DOGE who has frequently driven up the coin’s price over the years by mentioning it in tweets and during public appearances.
Trump, who revealed himself as a pro-crypto candidatesaid it would appoint Musk to head a new Department of Government Effectiveness, or DOGE, which, unsurprisingly, has an acronym identical to Dogecoin’s ticker.
In September, Trump retweeted Musk’s Twitter post (aka X) that featured a photo of the SpaceX founder as president of the proposed agency. Earlier this month, Musk also responded to a tweet on a Los Angeles Times article with a reference at the theorized agency, causing the price of the meme coin to spike.
Musk’s association with Dogecoin has caused similar price increases for years now, and it has happened again in recent weeks. Pair this with broader market stimulation led by Bitcoinwhich almost set a record price Tuesday, and more and more DOGE holders are seeing green with their investments.
Edited by Andrew Hayward
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