Dogecoin (DOGE) Whales Control 62% of the Supply as 73% of Holders Enjoy Profits

While the crypto market displays uncertainty following the latest bearish slide, data shows most Dogecoin (DOGE) holders are profitable.

Recent bearish crypto market trends have sparked uncertainty, but data reveals that the majority of Dogecoin (DOGE) holders are still in the green at the current price.

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According to IntoTheBlock, 73% of Dogecoin investors are enjoying returns at the present price of $0.1084.

This indicates that these individuals purchased the altcoin at a lower value.

Meanwhile, 26% are enduring losses, and 1% of Dogecoin holders are at break-even.

The original meme crypto has been subjected to massive price fluctuations in recent rallies, with bears taking charge.

Dogecoin fell by over 25% and 13% in the last month and week, respectively, reflecting bearish dominance.

The 9th-largest digital coin has a total market cap of $15.71 billion.

IntoTheBlock also showed that whales control 62% of Dogecoin’s supply.

While numerous small investors hold DOGE, large-scale investors can significantly impact market dynamics.

Dogecoin whales have influenced the coin’s price with significant transactions during market developments.

For example, they transferred more than 400 million tokens following the recent record-high liquidations in the crypto market.

Additionally, these entities moved billions of DOGE assets as the meme crypto sector went wild following Donald Trump’s conviction.

DOGE’s mixed metrics

As most Dogecoin investors are in the green, a crucial signal emerges from Coinglass. The data shows that some traders believe the altcoin will dip.

The contrast between profitable holders and trader positions places DOGE in an interesting scenario.

The multiple investors in profit could trigger more bullishness for the altcoin.

More individuals tend to purchase assets when others are making money.

However, Coinglass shows that some traders hold negative positions, making it difficult to predict DOGE’s immediate move.

Furthermore, the significant control by whale investors makes predicting Dogecoin’s future challenging.

Any move by large-scale holders can massively shift DOGE’s course.

Dogecoin’s current price action

After losing nearly 1% over the last 24 hours, DOGE now trades at $0.1084.

While bears appear to be dominating, the token's present outlook presents a complex trajectory.

The massive number of investors at profit will likely amplify optimism among market participants, leading to more growth.

Nevertheless, bearish positions by some Dogecoin traders and the notable whale influence spark concerns.

Broad market sentiment will likely shape DOGE’s trajectory in the upcoming sessions.

Some analysts believe we could be early into the altcoin season.

The #Altcoin market capitalization has reached a crucial higher timeframe support level and finds support here.

Still early in the week, but if this week is going to be continuing this upward trend, then the signs start to become better. pic.twitter.com/qcNK92BG1Y

Michael van de Poppe revealed that the altcoin market cap is seeking support at a critical level. Maintaining such momentum this week could signal impending recoveries.

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