Dogecoin Long-Term Investors Hold $3.76B — Analytics Firm Says 61% Holders In Profit By Benzinga

Benzinga – A new analysis from an analytics firm shows that billions of Dogecoin (CRYPTO: DOGE) are now in the hands of long-term investors who plan to hold the meme coin.

What Happened: Data from IntoTheBlock’s shows that long-term holders, who have held Dogecoin for more than a year, are amassing over $3.76 billion.

Currently, these holders have 44.8 billion DOGE in their supply.

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As per IntoTheBlock’s market intelligence platform, the number of DOGE holders has reached an all-time high of 3.18 million addresses, representing 74.66% of all Dogecoin wallets. The trend indicates that DOGE’s investor base has been steadily increasing since the beginning of the year.

The data analytics platform reveals that 61% of DOGE holders are in profit, while 34% are in the red, with only 5% breaking even.

Just recently, Elon Musk‘s lawyers have filed a motion in the Manhattan federal court to dismiss a lawsuit that accuses the Tesla CEO of operating a pyramid scheme to prop up Dogecoin, Reuters reported on Friday.

The lawsuit brought about by Dogecoin investors is a “fanciful work of fiction” that is based on his “innocuous and often silly tweets” about the meme coin, the lawyers reportedly wrote in a court filing late Friday.

Price Action: At the time of writing, DOGE was trading at $0.077, down 8.27% in the last 24 hours, according to Benzinga Pro data.

Read More: Bitcoin, Ethereum, Dogecoin Slide As Investors Await Jobs Data: Apex Crypto May Go Below $25k ‘One Last Time’ If This Happens, Says Analyst

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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