Vast Majority of Dogecoin Holders in the Money After Elon Musk Trump Pump

More than 85% of Dogecoin holders have seen a positive return on their investment in the Shiba Inu-themed cryptocurrency following the token’s rally earlier this week, according to new data.

Dogecoin is trading at nearly $0.166 as of this writing, up 49% over the last month, CoinGecko data shows. That’s still 77% less than the token’s all-time high price of just above $0.73 set in May 2021.

Nevertheless, some 86% of Dogecoin (DOGE) holders are in the green, meaning the token’s present price exceeds those at which the majority of its investors bought their holdings, IntoTheBlock’s data shows. Another 11% of the token’s holders have lost money on their investments, while three percent of holders have broken even, however.

The canine-inspired meme coin, founded in 2013, has a market capitalization of more than $24 billion, with most of its investors holding the token for relatively long periods of time.

Roughly two-thirds of Dogecoin holders have held the meme coin for more than one year, according to IntotheBlock’s data. Meanwhile, 31% have had the cryptocurrency in their possession for under a year, while 2% held the token for under a month, the same data shows.

The majority of Dogecoin holders have been in the green for at least the past several months, as the cryptocurrency markets experience a resurgence. However, the number of investors who have seen positive returns on the token has increased amid Dogecoin’s latest rally.

Dogecoin’s price surged earlier this week as Tesla and SpaceX CEO Elon Musk tours with Republican presidential candidate Donald Trump, including a rally at Madison Square Garden in New York on Sunday. Musk is a longtime fan of DOGE who has frequently pumped the coin’s price over the years by mentioning it in tweets and during public appearances.

Trump, who has come out as a pro-crypto candidate, has said that he would appoint Musk to lead a new Department of Government Efficiency, or D.O.G.E., which perhaps unsurprisingly has an acronym identical to the ticker of Dogecoin.

In September, Trump retweeted Musk’s post on Twitter (aka X) that featured a picture of the SpaceX founder as the Chair of the proposed agency. Earlier this month, Musk also responded to a tweet about an L.A. Times article with a reference to the theorized agency, causing the price of the meme coin to surge.

Musk’s association with Dogecoin has prompted similar price spikes for years now, and it’s been happening all over again in recent weeks. Pair that with a broader market boost led by Bitcoin, which nearly set an all-time high price on Tuesday, and more and more DOGE holders are seeing green with their investments.

Edited by Andrew Hayward