Dogecoin has had a great year, and many of its holders profited from its spirited runs through the year, according to on-chain data from IntoTheBlock.
Despite the fact that the coin is a long way off its all-time high of $0.70, according to IntoTheBlock data, as many as 70% of Dogecoin holders are currently in profit.
Based on its figures, 26% of the holders are losing money, while 6% are breaking even.
It can be recalled that Dogecoin drew a lot of attention earlier this year when its price hit $0.70 and it became the most popular crypto asset during that time.
Doge has some serious backers
The WallStreetBets subreddit, as well as celebrity involvement, including Tesla’s inventor, Elon Musk, were important factors in the price increase.
Since then, the electric car pioneer has posted multiple pro-Doge tweets, causing the meme coin to be pumped many times.
The billionaire stated that Doge may be the currency used on Mars at one point, as well as showing his preference for the coin over some of its more illustrious peers.
Many businesses now accept Dogecoin as a payment mechanism for their services, goods, or items, which has sparked institutional interest in digital assets.
One good example is AMC Theaters, the largest movie theater chain in the United States, which just announced that it will now take the popular meme coin for its digital gift cards.
Doge support is growing
Apart from AMC, Cryptwerk data shows that the digital asset has been accepted as a preferred payment option by more than 1,700 firms, including BitPlaza.
The rise of Dogecoin has spawned a slew of “clones” in the market, all of whom have experienced their own pump and dumps.
Baby Doge, Daddy Doge, Mommy Doge, Shiba Inu, and, more recently, Floki Inu are some of the imitators.
Dogecoin was selling for $0.24 at press time, with a market valuation of approximately $30 billion, according to figures from Coingecko, Thursday.
Image courtesy of Cointelegraph News/YouTube