AI-powered data analytics platform IntoTheBlock shared a tweet this weekend revealing that three-quarters of DOGE investors are currently in profit. The rise was supported by Bitcoin’s heaviness above $40,000 and the positive trend of the altcoin market. The statements of IntoTheBlock and the series of Dogecoin past price movements are as follows…
66% of DOGE investors are in profit
Cryptocoin. com, the decline of DOGE price to $0.15 in the past days was met with lower price expectations by many crypto money analysts. However, the IntoTheBlock team revealed that after the recent Dogecoin surge, 66% of DOGE investors are currently in profit. Alongside the data, he tweeted, “Most DOGE investors must be mudollars.” Meanwhile, the data was obtained after an in/out money analysis.
DOGE grew 19% over the weekend
On May 8, Dogecoin price hit an all-time high of $0.70 after Tesla CEO Elon Musk, one of the five richest people in the world, made his debut on Saturday Night Live. It then dropped as low as $0.19 since July 22 and has repeatedly tested this area. Dogecoin is currently trading at $0.2551, driven by the recent Bitcoin surge. The details of the rally are as follows…
Which levels did Dogecoin win in the rally?
In the rally, although Bitcoin and Ethereum regained important levels, the performance of memecoins attracts the attention of investors. DOGE’s price has risen 26% over the past few hours and is trading at a market cap of $33 billion at the time of writing. At the same time, the trading volume has exceeded $7.9 billion in the last 24 hours. This rate is only slightly lower than the leading cryptos Bitcoin and Ethereum. Additionally, it accounts for 20% of Binance’s total spot trading volume.
On the other hand, there are opinions that think we are at the very beginning of the last price movement series. Crypto expert Colin Wu explains that other memecoins are also performing well:
Of the other memecoins, Shib is up more than 17% and Lowb is up more than 11%. Bybt data shows that in the last 24 hours, the Dogecoin contract liquidation amount was $39.3781 million, the third largest liquidation amount.
What lies behind the rise?
Memecoins became the favorite of cryptocurrencies in 2021. Their returns to date have been 65x, or a massive 6400%. The biggest reason behind this acceleration is the support it receives from different business people, companies and artists.
For example, Tesla and Elon Musk have openly shared their love for Dogecoin in the past, and SpaceX is already accepting Dogecoin payments for “Doge-1 Mission to the Moon”. These supports make the leading memecoin one of the top ten cryptocurrencies by market cap. Meanwhile, DOGE is 60% cheaper at its ATH of $0.70 and is hailed as affordable among investors.
On the other hand, DOGE has some competitors. The Shiba Inu also rose alongside DOGE, capturing a 24% gain at $0.000008199 last month. As a result, we can say that memecoins are able to catch up with the general rally of the cryptocurrency market.