Popular meme-based cryptocurrency Dogecoin (CRYPTO: DOGE) 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.
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 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 (NASDAQ:TSLA) CEO Elon Musk’s appearance on Saturday Night Live in May 2021, but then its value plummeted after Bitcoin (CRYPTO: BTC) 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 (CRYPTO: SHIB) 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.
