Popular cryptocurrency based on meme Dogecoin (CRYPTO: DOGE) It is down 80% from its all-time high of $0.73 on May 8, 2021, and the number of DOGE holders that are still profiting from their initial investment has fallen dramatically.
What happened: According to data from IntoTheBlock, only 53% of DOGE holders are still in the green at current prices.
As of Tuesday morning, DOGE is trading at $0.15, gaining 3.1% in the last 24 hours, but the cryptocurrency is still down 16% over the past two weeks.
DOGE stock surged to an all-time high of $0.73 after the surrounding hype Tesla Corporation (NASDAQ:TSLA) CEO Elon Musk made an appearance on Saturday Night Live in May 2021, but then declined in value after Bitcoin (CRYPTO: BTC) and the broader crypto market collapsed later that month.
DOGE is still highly correlated with Bitcoin, showing a 30-day price correlation at 0.93. However, it has not yet recovered to the extent that Bitcoin and other digital currencies have reached since the May crash.
A summary of the signals on the chain reveals that the current sentiment surrounding the meme-based cryptocurrency is the most bearish, with the net growth of the network (number of addresses “in the money”) and all large transactions declining.
Over the past week, high-value transactions — defined as transactions worth more than $100,000 — totaled $8.3 billion. Last week, whales transferred $176 million from DOGE in a series of 15 deals over two days.
Meanwhile, a rival meme coin Shiba Inu (CRYPTO: SHIB) has also seen a significant drop in market capitalization over the past few months.
SHIB stock is down 68% from its peak of $0.0000861 in October 2021. According to data from The Block, only 43% of SHIB holders are in a profitable position at current prices.
Related link: Dogecoin co-founder Billy Marcus returns to Mozilla’s decision to halt donations via crypto, calls internet outrage ‘hypocrisy and stupid’