The Declining Price of DOGE Puts 37 Billion at Risk of Non-Profits
Dogecoin investors are at risk of losing profitability if the price of the cryptocurrency falls below $0.0745. According to data from IntoTheBlock, over 101,270 Dogecoin addresses, representing more than 37 billion DOGE, are at risk of losing their current profitable position. This represents almost half of all Dogecoin investors who are currently profitable. Dogecoin is currently trading at $0.0783, experiencing a decline of 0.78% over the last 24 hours.
Over the past week, Dogecoin has seen a decline of nearly 13%, losing 40 billion DOGE since reaching a high of $0.0941. Despite this, DOGE still features 53.72% of addresses that are in profit, meaning 2.41 million total addresses are profitable. The level of $0.0745 is critical to maintaining profitability, and if the price goes below this level, a large number of Dogecoin investors will no longer be profitable.
The original meme coin gained significant popularity earlier this year, largely thanks to Elon Musk’s support and tweets. However, its use as a cryptocurrency for transactions remains limited. While Dogecoin is currently profitable, many investors are wary of the potential for significant losses if the coin’s value drops below the critical level of $0.0745.