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New data: About 70% of Dogecoin owners are in profit


Recent data show that despite the Dogecoin falling from $ 0.70 to current levels of $ 0.247, 70% of holders of this digital currency are still profitable.

to the Report CryptoGlobe, data from analytics website IntoTheBlock shows that 68% of DodgeQueen holders are currently in profit. The data, first published on the Benzinga site, show that 26% of holders of this digital currency have lost money and 6% are in a neutral position; That is, they have neither gained nor lost.

Dogecoin set a new record earlier this year, reaching more than $ 0.70. At that time, the price of Dogecoin had risen by nearly 10,000 percent, and so many people became interested in it. This uptrend appears to have been linked to the activities of a Reddit social networking community called WallStreetBets, as a Twitter account called “WSB Chairman” preceded the influx of small investors into the Dogecoin market. And the jump in prices, he asked if the digital currency had already been traded at a price of one dollar or not.

Shortly after Dogecoin began its uptrend, Tesla CEO Ilan Musk and other celebrities tweeted about the digital currency, heating up the digital currency market. The price of the digital currency reached its all-time high after Ilan Musk announced on Saturday Night Live that Dogecoin was a “scam” and has since fallen to current levels.

New data: About 70% of Dogecoin owners are in profit
Dodge Coin Price Chart (One-Day View of Dodge Coin Market / Tetra)

However, it is likely that most Dogecoin owners are now making a profit, as they have doubled their investment. Glauber Contessoto is a well-known investor who invested $ 250,000 of his life savings in this digital currency in early February to become a millionaire. He recently increased his investment and bought another $ 25,000 Dogecoin.

Kantsuto said in an interview in June that he had not lost confidence in his investment and intended to use the Dogecoin price drop as an opportunity to increase his assets. He said he wanted to keep his investment for at least a year.

Kantsoto says people get caught up in short-term price fluctuations and can’t wait for their investment to end. He also said that there are always fluctuations in investment, and traders who can not stand these ups and downs are probably not made for digital currencies.

Earlier this year, AMC, one of the world’s largest movie theaters, announced that it would accept Dogecoin-based payments for its gift cards, which it uses on its website, mobile app and cinemas. According to Cryptwerk, more than 1,700 businesses now accept Dogecoin as one of their payment methods.

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