Here’s how many DOGE HODLers are currently in profit

TL;DR

Dogecoin has seen a 12% increase in value weekly, largely attributed to Tesla adopting it as a payment method. DOGE profit owners are on the rise, significantly outpacing those investing in Shiba Inu (SHIB). DOGE Flash Green Investments

The largest meme coin in terms of market cap, Dogecoin (DOGE), has been one of the best performing cryptocurrencies of late, registering a weekly price increase of 12%. Its rise could be attributed to electric vehicle giant Tesla, which officially integrated the asset as a payment option on its website.

Price DOGE, Source: CoinGecko

According to IntoTheBlock, DOGE’s rise to almost $0.16 has benefited several holders who have previously invested in the token. The data shows that more than 83% of those exposed to meme currency are currently in the paper profits, while only 13% are underwater.

Dogecoin significantly outperforms its main rival, Shiba Inu, on this front. About 60% of SHIB HODLers are in the green right now, while 36% are sitting on paper losses.

The trends were much more different during the 2022-2023 bear market. As CryptoPotato reported in September of last year, 89% of SHIB investors and around 50% of DOGE holders were underwater.

Is DOGE ready for another surge?

Numerous analysts believe that the latest Dogecoin price rally could be the start of a major bull run. Popular X user Rekt Capital claimed that the meme coin “turned around a multi-year resistance at new support”, leading to a “new macro uptrend”.

Crypto Catalysts was even more optimistic, praising its increase in daily transaction volume, “recovering the weekly level” and other positives. The analyst suggested that DOGE’s path to the $1 milestone is clear.

Ali Martinez also chimed in, surmising that the Dogecoin price drop seen at the end of April could be “part of its usual behavior before massive bull runs.” He described a few instances over the past few years where the token’s valuation plummeted before skyrocketing exponentially.

“Now in 2024, DOGE has once again broken out of a descending triangle! It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run,” concluded Ali Martínez.

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