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Dogecoin "Hodling" Now Takes Long-Term Perspective as DOGE Stays in $0.06 Range

Thu, 08/11/2022 - 15:20
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Tomiwabold Olajide
Dogecoin was trading at $0.071, up 1.79% in last 24 hours
Dogecoin "Hodling" Now Takes Long-Term Perspective as DOGE Stays in $0.06 Range
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Dogecoin is recording more "hodlers," or long-term holders, which, according to IntoTheBlock, are addresses that have held the asset for over one year. This class of holders has surpassed midterm holders, or so-called swing traders, and short-term spectators collectively.

According to IntoTheBlock's data on holder composition by time held, 65% of Dogecoin holders have held onto their tokens for more than a year, 30% have held within a year and 5% have held onto their tokens for less than a month.

This might imply that investors are focusing on the long-term view. In 2022, crypto markets entered a "bearish phase," or "crypto winter," in which altcoins saw between 70% and 80% of their present peaks wiped off the map.

Dogecoin was not left out of bears' activity as it dipped to reach its present price. At the time of publication, Dogecoin was trading at $0.071, up 1.79% in the last 24 hours. It remains down 90.26% from its peak of $0.76, reached in May 2021.

56% of Dogecoin addresses are in profit

Despite the massive drop seen in Dogecoin prices, more than 56% of its addresses remain in profit, suggesting more than half of holders entered the market below the recent price of $0.07.

IntoTheBlock's In/Out of the Money gives the percentage of addresses that are profiting (in the money), breaking even (at the money) or losing money (out of the money) on their positions at the current price. Currently, this indicator shows that 56% of Dogecoin holders are in profit, 36% of the remaining addresses are in loss and 8% are breaking even.

Dogecoin prices continue to trade in a range, suggesting an imminent move. As reported by U.Today, Dogecoin's upgraded website recently went live. The upgraded website keeps receiving new features, the most recent being the Dogecoin swag store, an official merch store that accepts payments in Dogecoin.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.