Cryptocurrency Dogecoin (DOGE) is at risk of suffering losses at this point. According to a report from crypto intelligence portal IntoTheBlock, over 37.2 billion DOGE are at risk of going underwater if the price of DOGE drops to $0.745 per token. This figure represents almost half of all Dogecoin purchases now in profit, totaling $74.38 billion DOGE. With Dogecoin trading around $0.79, the market has seen a steep decline since last Wednesday, losing nearly 13% of its value.

Along with the current bearish sentiment on the market, the cryptocurrency community recently experienced a major event in the form of Elon Musk’s Starship super-heavy rocket launch from SpaceX. Although the distribution of DOGE addresses in the money is just over 50% as of right now, a drop to the $0.745 level will see nearly 40 billion coins go underwater and the ratio of addresses in the money significantly reduced.

It is difficult to predict what will happen next in the cryptocurrency sector, as the market is constantly changing and the conditions can change dramatically in a shorter amount of time. Right now, Dogecoin is more of a profit-making asset than a loss-making one, however, it is essential to be aware of the risks connected with each investment. Whether Dogecoin will stay afloat or succumb to the bearish market trend, will be known in due course.



Other News from Today