Most wallets in the Dogecoin (DOGE) ecosystem are making profits as the overall market tilts towards a bullish recovery. According According to data from IntoTheBlock (ITB), up to 5.21 million addresses are making profits.
Most wallets in the Dogecoin (DOGE) ecosystem are making profits as the overall market tilts towards a bullish recovery. According According to data from IntoTheBlock (ITB), up to 5.21 million addresses are making profits.
DOGE price and profitability
According to the data, the 5.21 million addresses represent 82.66% of the total addresses in the Dogecoin ecosystem. The data pegs the optimal price for this profit level at between $0.143227 and $0.150461.
Addresses lost on the network amount to approximately 850,400, or 13.5% of the total. Portfolios in this category that refuse to sell their holdings can reverse these negative gains if the price swings back between $0.183729 and $0.671001. The price range of $0.150461 to $0.167839 marks the break-even point with approximately 241,340 addresses, or 3.83% of the total in this region.
The turnaround in the Dogecoin ecosystem, in which 82% of 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 itself to overall ecosystem trends, the influence of occasional whale purchases, and the expectation of integration by Tesla and other companies owned by Elon Musk.
Will Dogecoin be able to maintain this bullish trend?
Dogecoin remains an outlier, as its current price of $0.1598 and a weekly gain of 12.45% have helped it maintain eighth place at $23,035,810,127.
Community expectations are high and depend on DOGE reclaiming at least the $0.5 mark in the short term. In the long term, there is still a need to recover the all-time high (ATH) of $0.7376.
Based on the current outlook, Dogecoin may not achieve this feat unless open interest and new user growth spike noticeably in a major market reset.
