The Dogecoin (DOGE) ecosystem is witnessing a surge in profitable addresses as the market trends towards a positive direction. Data provided by IntoTheBlock (ITB) reveals that a significant 5.21 million addresses are currently in profit.
The data indicates that these 5.21 million addresses make up around 82.66% of all addresses in the Dogecoin ecosystem. The optimal price range for profitability lies between $0.143227 and $0.150461.
Approximately 850,400 addresses, constituting 13.5% of the total, are currently facing losses. However, these addresses can turn their losses into gains if the price climbs back to the range of $0.183729 to $0.671001. The breakeven point falls between the prices of $0.150461 and $0.167839, with roughly 241,340 addresses, or 3.83% of the total, in this category.
The recent uptick in profit among Dogecoin addresses, with 82% in the profit zone, marks a significant milestone after weeks of fluctuation. The driving factors behind this surge include ecosystem trends, occasional whale investments, and the anticipation of Dogecoin being accepted by Tesla and other companies owned by Elon Musk.
With Dogecoin's current price at $0.1598 and a weekly gain of 12.45%, it remains in the eighth position with a market capitalization of $23,035,810,127. There is a collective hope within the Dogecoin community for the coin to surpass the $0.5 mark in the short term and eventually reach its all-time high of $0.7376.
However, achieving these goals may depend on significant increases in Open Interest and new user growth in the market. Without these factors, Dogecoin might have difficulty in reaching its ambitious price targets.
