Dogecoin Is Down 80% From Its Peak: Here's How Many Holders Are Still In The Green

Popular meme-based cryptocurrency Dogecoin (DOGE-X) is down by 80% from its all-time high of $0.73 on May 8, 2021, and the number of DOGE holders still in profit from their initial investment has dropped significantly.

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What Happened?

According to data from IntoTheBlock, only 53% of DOGE holders are still in the green at current prices.

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As of Tuesday morning, DOGE was trading at $0.15, gaining 3.1% in the last 24 hours, but the crypto is still down 16% over the past two weeks.

DOGE surged to an all-time high of $0.73 following the hype surrounding Tesla Inc (TSLA) CEO Elon Musk’s appearance on Saturday Night Live in May 2021, but then its value plummeted after Bitcoin (BITCOMP) and the wider crypto market crashed later that month.

DOGE still remains significantly correlated with Bitcoin, showing a 30-day price correlation of 0.93. However, it is yet to recover to the extent that BTC and other altcoins have since the May crash.

A summary of on-chain signals reveals that current sentiment surrounding the meme-based cryptocurrency is most bearish, with net network growth (number of addresses “in the money”) and large transactions all declining.

Over the past week, high-value transactions – defined as transactions with a value exceeding $100,000 – amounted to $8.3 billion. Last week, whales moved $176 million worth of DOGE in a series of 15 transactions over the span of two days.

Meanwhile, rival meme coin Shiba Inu (SHIB-X) has also seen its market cap decline considerably over the past few months.

SHIB is down 68% from its peak of $0.0000861 in October 2021. According to The Block’s data, only 43% of SHIB holders are in a profitable position at current prices.