Cardano (ADA) continues to see good momentum even after the broader crypto market seems to be slowing down over the last few days. However, despite the action that the altcoin is seeing, holders are not faring well as the vast majority of them are still seeing losses.

The Majority Of Cardano Holders Are In The Red

As data from IntoTheBlock shows, there is currently more than twice the number of those in profits who are seeing losses from their Cardano holdings. This figure puts the large majority of holders in the red region even at a time when more holders of some of the largest coins in the market are more in profit than in loss.

The data which is taken from on-chain using the amount at which the coins were last moved compared to the current price of the digital asset, puts 71% of all ADA investors currently seeing losses. On the flip side of this, only 25% of investors are currently in the green. The remaining 4% are those whose holdings were presumably bought around current prices.

Given this, Cardano has been one of the least profitable of the top 10 largest cryptocurrencies by market cap. Others such as Bitcoin, Ethereum, and Dogecoin are all seeing levels where more than 55% of holders are sitting in profit.

Majority of ADA holders still in losses | Source: IntoTheBlock

Interestingly, Cardano has a lower long-term holder composition compared to these other assets. As of the time of this writing, only 44% of all ADA holders have held for more than one year, while other top cryptocurrencies are seeing long-term holder composition higher than 60%.

This can explain the low profitability being recorded among ADA investors. Historically, long-term cryptocurrency holders have fared better than short-term holders, hence, the high profitability margins seen in BTC and ETH.

ADA On The Charts

Despite the low profitability being recorded among Cardano investors, the coin is still seeing a lot of interest. Over the last 24 hours when the larger cryptocurrencies are seeing little to no gains, the price of ADA has rallied more than 2.50%. The coin is now rallying independently of the market, which points to very strong bullishness in the token.

This recovery in price is already showing that the month of February could bring good tidings for investors. However, ADA is still a long way from its all-time high price, and unless it is able to successfully cross $1, the majority of investors will remain in the red.

At the time of this writing, ADA is changing hands at a price of 0.3822. It has a market cap of $13.2 billion with a 24-hour trading volume of $80.92 million, according to data from Coinmarketcap.

ADA price recovers to $0.38 | Source: ADAUSD on TradingView.com

Dogecoin investors are caught in the middle of the bear market just like all of the other cryptocurrencies. With the downtrend, investors across a number of digital assets have seen their profitability decline with most being in more losses than those who continue to make money. However, for a cryptocurrency like Dogecoin which still continues to enjoy the support of prominent personalities, its story is more in line with larger assets such as Bitcoin and Ethereum.

Majority Remains In Profit

The profitability of investing in Dogecoin had surged through the first half of 2021 when billionaire Elon Musk’s shilling on Twitter had sent the meme coin towards new highs. The gains from the digital asset had motivated more people to invest in DOGE, building a strong community behind it. However, even with the numerous price crashes and dips in the last year, the majority of holders still remain in the green territory.

Related Reading | Decline In Bitcoin Active Addresses Suggests Market Is Purging Paperhands

Data from IntoTheBlock shows that 51% of all Dogecoin holders are still in the project. This is interesting given how other meme coins have fared in the space. A good example is the ‘Dogecoin killer’ Shiba Inu whose rise to fame was just as dramatic as that of its competitor. Presently, only 25% of all Shiba Inu holders are in profit and the vast majority continue to nurse losses.

DOGE trending at $0.06 | Source: DOGEUSD on TradingView.com

As for Dogecoin, although it is not by a large margin, a lesser percentage is in the loss. 46% of all who had invested are currently out of the money, while only 3% remain in neutral territory. Most of those holding bags of losses for the meme coin are usually those who had purchased the cryptocurrency after it had rallied. So basically, those who have held their tokens for less than 1 year are more likely to be in loss compared to those holding for longer.

Dogecoin Holds Steady

The price of Dogecoin has not fluctuated as wildly as some others in the space. In the past week, it has continued to trend around the $0.06 level and hasn’t deviated much from this path. Not even the weekend of low liquidity was able to change this course.

Given this, the meme coin has been one of the best performers of the recent bear trend. It has not lost as much compared to others in the bear market and still maintains a good profitability percentage for its holders, especially the diamond hands.

Related Reading | Here’s The Large Public Bitcoin Miner That Has Refused To Succumb To The Bears

Even with the news of Elon Musk’s refusal to complete his purchase of Twitter, DOGE has not suffered as much as expected. Musk has continued to support the digital asset and last week, Dogecoin was accepted by his Boring Company for rides through Las Vegas.

This recent adoption has also helped Dogecoin maintain its price through the market downtrend. However, it is hard to tell how long the meme coin will be able to hold this level as it continues to trade at $0.0644 at the time of this writing.

Featured image from MARCA, charts from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

In the highly volatile and fluctuating cryptocurrency market, the most popular stablecoin has begun to tremble. Due to the de-pegging of UST, the cryptocurrency price has reached US$0.00004548.

The collapse of Terra, as well as the trust in all cryptocurrencies and projects, has alarmed crypto investors.

In the midst of the major drop in the price of Terra, Elon Musk, the most popular crypto influencer for a few cryptocurrencies, has claimed that he will help revive the price of a memecoin, Dogecoin. Due to the red flags in the cryptocurrency market, crypto investors are extremely tense.

With the help of Elon Musk, Dogecoin may be able to increase its price as a memecoin. With a current CoinMarketCap ranking of 228, the collapse of Terra has surprised us all.

Could Elon Musk save Dogecoin?

Dogecoin was created as a memecoin to mock the most popular cryptocurrencies on the market. However, thanks to its innovative features, it has become a popular cryptocurrency.

Elon Musk, the CEO of Tesla, SpaceX, and the most recent owner of Twitter, is a top crypto influencer and a proponent of Dogecoin in the cryptocurrency market. With his cryptic tweets, he is known for using the Musk effect to influence the masses.

Investors in Dogecoin have begun to rely on Elon Musk to allow the cryptocurrency to be traded on Twitter. Elon Musk tweeted during the Terra crash that Dogecoin, as a memecoin, still has the potential to be a strong cryptocurrency.

However, Terra’s crashing and shocking news has dominated his tweet, and no one seems to be excited about it. The price of Dogecoin has risen from US$0.1172 to US$0.1270 as a result of the tweet.

In the highly volatile cryptocurrency market, Dogecoin is the tenth most popular cryptocurrency. Memecoin’s current price is US$0.09357, with a market cap of US$12.29 billion and a volume of US$2.53 billion.

Elon Musk is well-known for providing funding to Dogecoin blockchain protocol and software developers.

Tesla has already announced that it will accept Doge cryptocurrency and will not accept Bitcoin or other cryptocurrencies. This boosted the cryptocurrency price prior to the Terra debacle. In the cryptocurrency market, he is known as the Dogefather.

In January 2022, he stated that he would eat a McDonald’s Happy Meal only if the fast-food chain began accepting memecoin as a form of payment. Elon Musk has also hinted that SpaceX may begin accepting Dogecoin as a suitable payment method via crypto wallets.