Dogecoin (DOGE) price lost momentum after Elon Musk took over Twitter in late October 2022. However, the popular meme coin is making a comeback. Meanwhile, Intotheblock announced that over 60% of DOGE holders are in profit.
Dogecoin finally breaks 3-month record
The largest meme-coin Dogecoin (DOGE) has finally hit $0.1 for the first time in three months. DOGE failed to touch the target after falling from a peak of 14 cents in November 2022 due to FTX-related contagion. Regulators have become increasingly skeptical of crypto after the collapse of FTX. Therefore, the 1-cent psychological barrier was significant in the current scenario. It was also encouraging that meme-coins are currently leading the price rally in the market, as Bitcoin is correcting in gains.
Dogecoin pulled back after hitting $0.1 during the day. Meme coin stands at $0.9747, up 6.443 percent in the last 24 hours at press time. The DOGE community is getting higher and higher as DOGE gets up to 0.099. Meanwhile, the price of DOGE’s rival Shiba Inu (SHIB) skyrocketed on Saturday. This may be in anticipation of the upcoming Shibarium upgrade launch.
Elon Musk factor for Dogecoin
A key trend among meme-coin traders is Elon Musk’s latest announcement on his plan to revolutionize the Twitter payments space. The DOGE community has long been optimistic about crypto-based payments on the social media platform. cryptocoin.com As you follow on Friday, Musk tweeted that Twitter is launching a new ad revenue model that will benefit creators who are already Twitter blue tick subscribers. However, given the current regulatory landscape, it’s still unclear how long it will take for Twitter to introduce crypto payments.
Intotheblock: More than 60% of DOGE holders are in profit
A leading Blockchain analytics firm has revealed that over 60% of Dogecoin holders are in profit. Meanwhile, rival meme coin Shiba Inu (SHIB) noted that the majority of its holders are in the red. According to IntoTheBlock, 63% of DOGE holders profit from their investment, while 35% lose.
Meanwhile, 45% of Shiba Inu holders are in the green zone, while 47% are underwater. The rest are at the breakeven point. Both dog-themed tokens have been gaining a lot of attention lately. Dogecoin is showing bullish price action following reports that billionaire Elon Musk, a DOGE supporter, is making moves to bring crypto payments to Twitter. Meanwhile, Shiba Inu plans the imminent release of the Shibarium protocol, a layer-2 network built on top of Ethereum, similar to Polygon (MATIC). According to IntoTheBlock, the majority of holders of the top two cryptocurrencies by market cap, Bitcoin (BTC) and Ethereum (ETH), are green on their investments.
