• Dogecoin (DOGE) saw a decrease in price after Elon Musk removed the Shiba Inu dog from his Twitter logo.
• Despite this, the majority of DOGE investors are still seeing profits on their meme coin holdings.
• Large whale transactions have ballooned in the past week, reaching over $2.89 billion within a 7-day period.
Dogecoin Price Drop After Elon Musk
Dogecoin (DOGE) saw a drawdown in price after Elon Musk inevitably removed the Shiba Inu dog and put that the official Twitter logo on the social media platform.
Majority Of Investors Still Seeing Profits
But despite this development, it hasn’t much affected the profitability margins of DOGE investors, the majority of whom continue to see profits on their meme coin holdings so far. According to data from IntoTheBlock, a total of 55% of all DOGE investors are still ‘in the money.’
Large Whale Transactions Ballooning
Dogecoin whale transactions (transactions with a total value of over $100,000) also ballooned in the past week, reaching over $2.89 billion in this 7-day period. There was a notable rise during the middle of the week when the Elon Musk hype was at its peaked, but these large transactions have eased up as the price of the meme coin has plummeted.
Dogecoin Falls In Line With Crypto Market
DOGE’s decline over the last few days has put it back in tandem with the general crypto market once more. Instead of a crazy breakout,