Decoding the effects of 1M DOGE tip to Dogecoin Foundation
Out of all the meme coins, Dogecoin holds a special place for investors. And, further supporting the meme coin is DOGE-father Elon Musk, whose acquisition of Twitter initiated an almost 30% rally.
Recently, MyDoge Wallet’s MyDoge Tip, the arm facilitating the feature of sending and receiving tips on Twitter with DOGE, tipped one million DOGE worth $138,200.
The motivation behind this generous donation, as MyDoge Tip stated, was to support Dogecoin in becoming the people’s currency.
<p lang=«en» dir=«ltr» xml:lang=«en»>Much excite to @MyDogeTip @DogecoinFdn Ð1,000,000 – we hope other shibes join us in helping support their mission to make $doge the people’s currency and Do Only Good Everyday. #MyDogeTip1M pic.twitter.com/6sfhTV4TX1— MyDoge Wallet (@MyDogeOfficial) April 19, 2022
However, triggered by this development and by Elon Musk’s acquisition of Twitter, DOGE rallied by almost 30%.
Although this may sound good, this one day’s growth does not actually fix the losses investors have been facing for almost a year.
Far from its all-time high, the altcoin is yet to find stability even though it has almost recovered the 23.77% drop following the 55.77% rise the coin witnessed during the March to April rally.
Dogecoin price action | Source: TradingView – AMBCrypto
Talking about the DOGE investors, they are in no good position either. In the last 12 months, 1.52 million DOGE investors who have in losses represent almost 40% of all DOGE holders.
Dogecoin investors in loss | Source: Intotheblock – AMBCrypto
Furthermore, last week’s failure to register a successful rally affected investors’ confidence. Consequently, over 700k investors exited the market within a week.
Following them, this week, another 50k DOGE holders have exited
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