The Twitter account of CoinSwitch, India’s largest cryptocurrency buying and selling app, reported that Dogecoin was one of the most held assets of the year among its users. DOGE was joined in the top spot by Bitcoin (BTC) and Ethereum (ETH). According to CoinSwitch itself, the app has a user base of around 20 million people.
According to IntoTheBlock, 70% of all DOGE addresses have held tokens for more than a year, not a small proportion of which are now known to be present in India. The decision was clearly not wrong, as according to the same data, 53% of Dogecoin holders are in profit right now. Thus, of more than three million nonzero Dogecoin wallets, 2.23 million have a positive PnL on DOGE.
How do people make money from Dogecoin (DOGE)?
As deeper data shows, most of those profitable addresses, except the very ancient DOGE whales, were buying the cryptocurrency at prices between $0.00132 and $0.058. So even those investors who bought Dogecoin in June 2022 would now probably be in profit.
At the same time, the reason why DOGE is one of the few cryptocurrencies that has managed to make money, even for latecomers, is the fact that it became a major focus when Elon Musk bought Twitter. Perhaps Dogecoin should be considered an exception to the rule.