Dogecoin’s Rise: Over 5 Million Wallets Profitable, Is the Moon Next?
Dogecoin (DOGE), one of the largest meme coins, is showing signs of a robust recovery, particularly in the profitability of numerous wallet addresses.
According to the latest data from IntoTheBlock, the profitability of Dogecoin addresses has increased significantly. Approximately 82.66% of addresses in the Dogecoin ecosystem, roughly 5.21 million, are currently profitable. These addresses are in profit at a price range of $0.143 to $0.150.
Conversely, a small fraction of the network, about 13.5% or 850,400 addresses, are still operating at a loss. These addresses would become profitable if Dogecoin’s market price reaches between $0.183 and $0.671.
There is an interesting midpoint where approximately 3.83% of addresses, totaling 241,340, would break even if the price reached between $0.150 and $0.167.
Despite the positive market sentiment, Dogecoin’s journey is not devoid of challenges and speculative dynamics. Meme coins are often driven by social media trends and celebrity endorsements, particularly from figures like Elon Musk, and gain attention through technological milestones and broader ecosystem development.
Analysts like Ali have pointed out significant patterns on the Dogecoin chart that echo its historical rebounds. Notably, Ali identified recurring descending triangle breakouts, similar to those seen before significant price rises in 2017 and 2021.
If these historical patterns hold, Dogecoin could potentially revisit its all-time highs and even surpass them, with ambitious targets set at $1.20 and possibly as high as $6 in the current bull market cycle.
Moreover, the bullish sentiment is reinforced by analysts like Sherpa, who, based on long-term consolidation phases and current market positioning, suggests that Dogecoin might outperform other cryptocurrencies this year.
