- 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.
- The optimal price for this profit level is between $0.143227 and $0.150461.
Amid a bullish market recovery, a majority of Dogecoin wallets are in profit. This article explores the factors contributing to this profitability and the future outlook for DOGE.
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’s new milestone
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.
Conclusion
In conclusion, the majority of Dogecoin wallets are currently in profit, with the ecosystem showing a bullish trend. However, whether Dogecoin can sustain this uptrend will depend on factors such as Open Interest and new user growth, as well as the broader market conditions.
