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Dogecoin investors continue to gain profits from their investments amid crypto bear market conditions
For the past couple of months, the crypto market has been experiencing severe downturns due to various macroeconomic factors. The slow growth momentum of these cryptocurrencies has triggered a significant sell-off session of digital assets. Among the several cryptocurrencies in the market, Dogecoin has emerged as a major digital asset that has proved to be a successful and profitable investment option in this crypto bear market. Dogecoin has recorded massive profit levels after reports surfaced that Elon Musk garnered a 9.2% stake in one of the largest social media platforms in the world, that is Twitter. Elon’s proposal to buy Dogecoin has triggered a strong rise in Dogecoin prices, with speculators and critics flocking to invest in the meme coin.
According to reports, a total of 52% of DOGE addresses are currently in profit due to their investments in the market. This has come despite the fact that Dogecoin’s price has suffered drastically over the past couple of months and has come down by nearly 90% since ATL in 2021. Dogecoin has experienced one of the worst declines in the history of the crypto market. But still, a majority of the investors have still been able to keep their heads above water, Meanwhile, derivatives activity is showing bullish signs again with positive futures market momentum.
The Dogecoin concept has evolved tremendously since major companies like Vida, Mastercard, and Block, to name a few have adopted Dogecoin. Hence, there should be no doubt about the fact that Dogecoin is turning into an intensely viable investment asset. There are several critics who still push investors to not invest in meme coins like DOGE and Shiba Inu. But currently, investors seem to not think about the market volatility as a factor to deprive Dogecoin of its much-delayed long-term investment asset status. Investors continue to buy the dip as they have been accumulating large dips for decades several years now. Hence, it seems like, along with a few other altcoins, Dogecoin will also emerge as one of the greatest winners in these crypto bear market situations.