In a surprising turn of events, Dogecoin has shown remarkable performance, doubling its value in the past month and soaring by 115%. This increase marks the first time since April 2024 that Dogecoin has surpassed the $0.22 mark, bringing it to its highest level this year. This surge has pushed many investors into profit territory.
Insights from IntoTheBlock indicate that the majority of DOGE holders are currently enjoying profits from this bullish run. Specifically, their data illustrates that 5.82 million addresses, equivalent to 91.17% of the total addresses, are in profit. Even within specific buying ranges, those who invested between $0.178537 and $0.242947 are capitalizing on the current market price.
As we enter a new trading week, Dogecoin's price trajectory faces potential divergence. One possible outcome is a cooling-off period. Despite the strength of the bullish run, overcoming significant resistance levels may prove challenging. With many holders currently in profit, the temptation to sell and lock in gains could exert downward pressure. If selling outweighs buying, a significant price correction could occur.
Conversely, Dogecoin may maintain its upward momentum, potentially reaching an all-time high of $0.7316 as the year progresses. With the current trading price at $0.2352, DOGE has increased by 11.5% in the past 24 hours.
In the ongoing bullish narrative, a social media analyst named Mags (@thescalpingpro) predicts that Dogecoin will continue to rise. According to Mags, the market is in the midst of a super meme money cycle, indicating that further price increases are ahead. Visual analysis suggests an impending parabolic price surge, with Mags envisioning a potential rise to $1.17, equating to an astonishing 400% increase from the current price.
As the story of the meme coin unfolds, only time will tell whether Dogecoin will continue to rise or stabilize during a consolidation phase. "The pump $DOGE will melt faces," the analyst asserts.