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37 Billion Dogecoin (DOGE) at Risk If Price Dives to This Level

Tue, 04/25/2023 - 14:56
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Gamza Khanzadaev
If Dogecoin price hits this critical level, 34 billion DOGE will become unprofitable
37 Billion Dogecoin (DOGE) at Risk If Price Dives to This Level
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More than 101,270 Dogecoin addresses are at risk of losing their positions if the price of DOGE drops to the $0.745 per token level. This is evident from data from crypto intelligence portal IntoTheBlock.

According to the data, over 37.2 billion DOGE were bought at the $0.745 to $0.786 area, making this the largest of the clusters near the current Dogecoin price of $0.79. Moreover, if the data is to be believed, this number represents almost half of all Dogecoin purchases now in profit, $74.38 billion DOGE.

Source: IntoTheBlock

About 40 billion Dogecoin went underwater amid a decline that began last Wednesday at $0.941 per DOGE. This volume is spread across more than 594,000 addresses. DOGE itself has lost nearly 13% since then on this wave of decline. The explosion of Elon Musk's Starship super-heavy rocket from SpaceX added particular drama to the token's price action.

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However, at the moment, Dogecoin is still more of a profit-making than a loss-making crypto asset. Thus, the share of addresses in the money in DOGE is 53.72%, which is 2.41 million addresses of the total number. The ratio is obviously fragile, given that more than half of the coins now in profit could turn red, as mentioned above.

What happens next is an open question, given the sudden change in trend and sentiment on the crypto market.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.