Meme-inspired cryptocurrency Dogecoin ($ DOGE) trades at about $ 0.14, well below the all-time record of $ 0.73 seen in May 2021, so nearly 60% of DOGE’s owners are currently in “cash”.
According to cryptocurrency analytics startup data IntoTheBlock, 58% of Dogecoin ‘s owners are currently in “cash”, although the price of DOGE is still below an all – time high. The company identifies the average cost at which the tokens were purchased for each wallet containing the DOGE balance to determine how it goes to the holders.
IntoTheBlock’s data further shows that 36 percent of DOGE holders are “out of money,” while 6 percent currently have zero investments. It is noteworthy that 56% of holders of meme-influenced cryptocurrencies have retained their cryptocurrencies for more than a year, while 40% have used HODL for one to 12 months.
It should be noted that the platform data only represents an address in the chain and as such does not show how investors holding their funds on cryptocurrencies are doing. When a large proportion of cryptocurrency investors are “in cash,” it means that the asset has been overbought and may need to be repaired.
As CryptoGlobe has reported, the uptake of DOGE has increased over time. Last month, leading U.S. cinema chain AMC added two meme-influenced cryptocurrencies, Shiba Inu and Dogecoin, a week before they were due to be released.
Earlier this month, Tesla and SpaceX CEO Elon Musk provided suggestions on how Twitter’s first subscription offering, Twitter Blue, could be improved. One of his suggestions was to allow a subscription fee at DOGE.
Musk is a particularly avid supporter of Dogecoin, who has hinted that his space research company could start accepting payments in a meme-influenced cryptocurrency.
Tesla has begun accepting DOGE payments on its website, allowing it to purchase certain products along with it, such as a “cyberwhistle,” a “Giga Texas” belt buckle, and a “cyberquad” quad bike for children. All of these products are priced at DOGE and range from 12,020 coins in a four-wheeled 300 DOGE cyberpill.
In Tesla Dogecoin support pagethe company points out that customers who send the wrong amount of DOGE to its address may see the cancellation of their order, adding that if the order is overpaid in cryptocurrency, “the overpayment amount will not be refunded to the original payment method”.
Musk and Billy Markus in particular have put pressure on McDonald’s to accept DOGE as a means of payment earlier this year, but the fast food giant didn’t make progress in such integration in the end.
The views and opinions expressed by the author or any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. There is a risk of financial loss from investing in or trading in cryptographic assets.
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h/t – CryptoGlobe