66% Of Dogecoin (DOGE) Investors Are In Profit, According To On-Chain Data

Dogecoin has had a great year and many of its holders are in profit with their investments in the meme coin, according to on-chain data from IntoTheBlock.

Per IntoTheBlock data, as many as 66% of Dogecoin holders are currently in profit despite the fact that the coin is a long mile off its all-time high of $0.70. 26% of the holders are in a loss while 7% are breaking even.

Dogecoin gained massive attention earlier in the year when its value touched $0.70, as it became the most searched crypto-asset at that time. The price surge was massively driven by WallStreetBets subreddit and the interest of celebrities, especially Elon Musk.

Throughout the year Musk has repeatedly tweeted several pro-Doge tweets which have led to many pumps of the meme coin. At one point, he said Doge could be the currency spent on Mars while also revealing his preference for the coin over some of its more illustrious counterparts.

Dogecoin Getting More Institutional Interest As Adoption Grows

While Dogecoin is leading the adoption for crypto used as a payment method services, goods, or merchandise, the Institutional interest in the meme coin has been on the uprise. U.S. movie theater chain AMC who earlier said that it is now accepting the popular meme coin for its digital gift cards. Mark Cuban’s Dallas Mavericks have been accepting DOGE as payment for tickets and merchandise for some time now.

According to Cryptwerk there are over 1700 businesses including BitPlaza have adopted the digital asset as a preferred payment option.

The success of Dogecoin has led to the birth of many imitators in the market who have witnessed their own pumps and dumps. Some of these imitators include Baby Doge, Daddy Doge, Mommy Doge, Floki Inu, and Shiba Inu, which recently has been rallying.

Reportedly there has been a silent war on who owns the trademark for Dogecoin among these imitators.

As the time of writing, Dogecoin is trading for $0.255 with 4.6% gains on a daily chart, and a market cap of over $33.5 billion.