As Dogecoin (DOGE) prices continue to slump, data shows that nearly 60% of its holders are currently at a loss.
IntoTheBlock, a blockchain data analytics firm, revealed that 59% of Dogecoin holders are suffering losses. This figure starkly contrasts the early success experienced by early adopters of the meme-inspired cryptocurrency.
The data further showed that only 31% of Dogecoin holders are in profit, with the remaining 10% being neutral. The cryptocurrency, which was originally created as a fun alternative to Bitcoin, has seen its value decrease recently, presenting significant challenges for current holders.
However, not all is doom and gloom for the dog-themed digital currency. The same report reveals that a significant 72% of holders have been holding onto their Dogecoin for over a year. Furthermore, 26% of holders have maintained their investment for one to twelve months, while a small 2% have held for less than a month.
At the time of the report, Dogecoin was trading at $0.05887, reflecting a 2.30% drop in value over the past 24 hours. In order for the majority of holders to see a profit, DOGE will need to showcase an exceptional performance that surpasses its previous all-time high.
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