Dogecoin had a rollercoaster of a year in 2021. It went from being a relatively disregarded cryptocurrency to the leading meme coin in the space, racking up a valuation as high as $40 billion at one point.
Like anything, Dogecoin had its time in the spotlight. However, that spotlight has since faded and rested upon other projects in the space, but Dogecoin still remains an investor favorite, particularly among whales. With its popularity in the last year, it has risen over 4 million holders. Of this number, one country boasts the majority. Here is the most pro-Dogecoin country in the world.
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The United States Is Most Bullish On Dogecoin
A study from Finder has revealed that the United States is the most pro-Dogecoin nation in the world. It is not surprising given that platforms such as Robinhood blew up around the same time as Americans flocked to take advantage of the blossoming meme coin space. The study shows that cryptocurrency holders from the United States held the largest percentage of Dogecoin.
The numbers came out to 31.6% of all crypto holders in the United States held the meme coin. U.S. crypto investors had previously been revealed to have held the largest stake in Doge of any other country and the Finder report which was published in January has shown that this has not changed.
U.S. crypto investors are the most pro-Doge | Source: Finder
Australia came out as the second most pro-Doge country with 29% of all crypto holders holding a portion of Dogecoin on their balances. The survey which spanned across 27 countries showed Japan to be the country with the lowest stake in Doge among crypto investors.
The meme coin also made the top of the list for the most popular cryptocurrencies held by U.S. investors. Bitcoin and ethereum naturally placed 1st and 2nd on the list, but Dogecoin came in at third place with 31.6% of all holders.
Doge crumbles to $0.15 | Source: DOGEUSD on Tradingview.com
Doge Holders Balance Between Profit And Loss
Despite the downtrend that has lasted a couple of months at this point, majority of Dogecoin holders still remain firmly in profit but only by a small margin. Given that the digital asset was cheap for the longest time before blowing up, most who have held for at least a year are still in heavy profits. Others though have not been so lucky.
48% of Doge holders in profit | Source: IntoTheBlock
Data from IntoTheBlock shows that while 48% of holders are in profit, 47% are in loss. As the price of the digital asset trends lower, this metric will continue to move into loss, putting majority of the holders in a tight spot.
The meme coin’s supply is still skewed towards large holders. Data also shows that 61% of the meme coin’s supply is held by large holders. Furthermore, only 41% have held their bags for more than a year. The majority (52%) have held for between 1 to 12 months. Only 4% of Doge holders remain in neutral territory, meaning they purchased their tokens at the current price of the asset.
Featured image from Coinbase, charts from Finder, IntoTheBlock, and TradingView.com