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5.21 Million Dogecoin (DOGE) Addresses Enter Profit as Price Eyes $0.5

Mon, 6/05/2024 – 16:18

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The majority of wallets in the Dogecoin (DOGE) ecosystem are in profit as the broader market tilts toward a bullish recovery. According to data insights from IntoTheBlock (ITB), as many as 5.21 million addresses are in profit.

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DOGE price and profitability

Per the data, the 5.21 million addresses account for 82.66% of the total addresses in the Dogecoin ecosystem. The data pegs the optimal price for this profit level in between $0.143227 and $0.150461.

Addresses in loss on the network come in at approximately 850,400, or 13.5% of the total. Wallets in this category that refuse to sell their holdings can flip these negative gains if the price returns to $0.183729 to $0.671001. The $0.150461 to $0.167839 price range marks the breakeven point with approximately 241,340 addresses, or 3.83% of the total sitting in this region.

Dogecoin Profitability Chart. Source: IntoTheBlock

The twist in the Dogecoin ecosystem, in which 82% of the addresses are in profit, has set a new milestone as the highest in weeks. With limited fundamentals driving its resurgence, Dogecoin has managed to anchor on general ecosystem trends, the influence of occasional whale buy-ups and the expectation of integration by Tesla and other Elon Musk-owned businesses.

Can Dogecoin sustain this uptrend?

Dogecoin remains an outlier as its current price of $0.1598 and a 12.45% weekly gain has helped it retain eighth place with $23,035,810,127.

The community’s expectations are lofty, and it hinges on seeing DOGE reclaim at least the $0.5 mark in the short term. In the long term, the drive remains to reclaim the all-time high (ATH) at $0.7376.

Per the current outlook, Dogecoin may not achieve this feat unless Open Interest and new user growth shoots up remarkably on a major market reboot.

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