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Elon Musk’s favorite cryptocurrency is far from its all-time high of $0.73 set in 2021. Dogecoin If you’re a holder, there’s little reason to tuck your tail between your legs.
About 77% of Dogecoin (DOGE) holders have money. This means that the price of the cryptocurrency is higher than when people purchased it. Into the Block. 21% of Dogecoin holders recorded a paper loss, leaving 2% of Dogecoin holders at breakeven.
The first meme coin with a market capitalization of $20 billion was created in 2013. jokinglyBut it is a bit serious Inside the mind of the Tesla CEO. Dogecoin was followed by a steady stream of dog-themed coins based on the popular meme featuring the Shiba Inu dog.
Musk’s Dogecoin posts have all but disappeared, but his support on Twitter remains spur The rise of Dogecoin in 2021. DOGE set its all-time high at $0.73 early on May 8, 2021, just hours before Musk appeared on “Saturday Night Live.” Meme Coin investors were praying that his stellar hosting role would push DOGE even to the legendary $1.00.
Instead, the opposite happened. token Bending more than 20% Elon and his mom mocked Dogecoin in about an hour, and he joked that it was a “loud thing” during the “Weekend Update” segment of the show. It never recovered after that.
Some people say that meme coins Undermining the long-term vision cryptocurrency, Meme Coin Mania This may lead some traders to: huge profits. For others, it may be a risky bet. turns sour quickly This is because the cryptocurrency market oscillates with characteristic volatility.
At the time of writing, the price of Dogecoin is at $0.14, up 5% over the past day. CoinGecko. Despite this, the cryptocurrency price has fallen 21% over the past 30 days. This is well below the multi-year high of $0.22 last March.
However, when it comes to the extent of paper profits for holders, Dogecoin does not appear to be the best dog compared to other meme coins sporting furry four-legged mascots. The title currently belongs to the Ethereum-based meme coin Floki, with 83% of its holders in the money.
At the end of the pack, 60% of Shiba Inu (SHIB) holders benefit on paper. (IntoTheBlock does not report data for Solana-based DogWifHat or Bonk.) Meanwhile, 75% of holders of the meme coin Pepe are in the green.
We utilize everything from pop culture to internet memes. celebrity death—Meme coins are often distinguished as a subgroup of digital assets that provide little or no utility. Instead, they are driven primarily by vibe. But sometimes they disappear completely.
Editor: Andrew Hayward
