Dogecoin on the Rise: Over 5 Million Wallets Now Profitable As Potential Surge Looms
07 Maio 2024 - 8:00PM
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So far, Dogecoin has emerged as a significant player among the
largest altcoins, exhibiting signs of a strong comeback,
particularly highlighted by the recent profitability of numerous
wallet addresses. A Surge In Dogecoin Profitable Addresses Recent
data from IntoTheBlock reveals a notable uptick in the
profitability of Dogecoin addresses. Of the myriad wallets in the
Dogecoin ecosystem, roughly 82.66%, representing approximately 5.21
million addresses, are currently profitable. Related Reading:
Dogecoin Breaks Out Of Descending Triangle Like It Did In 2021,
Analyst Sets $6 Target According to data from IntoTheBlock, the
profitability price range remains between $0.143 and $0.150.
Conversely, a smaller segment of the network, about 13.5% or
850,400 addresses, remains in the red. These addresses are
positioned to turn profitable if Dogecoin’s market price is between
$0.183 and $0.671. An intriguing midpoint exists where
approximately 3.83% of addresses, totaling 241,340, will break even
if prices reach between $0.150 and $0.167. DOGE’s Market Dynamics
And Future Prospects Despite the positive sentiment, Dogecoin’s
journey is not devoid of challenges and speculative dynamics. The
meme coin, often buoyed by social media trends and celebrity
endorsements, particularly from figures like Elon Musk, is gaining
traction through technical milestones and broader ecosystem
developments. Analytical experts like Ali have pointed out
significant patterns on Dogecoin’s charts that echo its historical
rallies. Notably, Ali identifies a recurring descending triangle
breakout akin to those seen before substantial price surges in 2017
and 2021. Related Reading: Brace For Price Impact: Dogecoin Whales
Move Massive 456 Million DOGE To Exchanges If historical patterns
hold true, Dogecoin might revisit its all-time high
and potentially exceed it, with targets set ambitiously at
$1.2 and even $6 in the ongoing bull cycle. Now, in 2024, #DOGE has
yet again broken out of a descending triangle! It is currently
undergoing a 47% price correction, very similar to previous cycles,
which could ignite the next $DOGE bull run!
pic.twitter.com/ZmuHmvIwei — Ali (@ali_charts) May 1, 2024
Furthermore, sentiments from market analysts like Altcoin Sherpa
reinforce the bullish outlook for Dogecoin. Sherpa’s analysis,
based on long-term consolidation phases and current market
positioning, suggests that Dogecoin could outperform other
cryptocurrencies significantly this year. Sherpa noted: DOGE is
looking good. I strongly feel like this is going to be a strong
coin for 2024. I think averaging between $.12 and $.14 would be a
solid play and this one should outperform many other tokens for a
lot of reasons. It chopped for almost 2 years, it’s going to moon
later. Meanwhile, Dogecoin’s price has recently experienced a
notable uptick, rising over 10% in the past week. However, in the
last 24 hours, it has slightly declined by 2.4%, trading at $0.155
at the time of writing. Featured image from Unsplash, Chart from
TradingView
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