As DOGE price surges, over 5 million Dogecoin addresses are now in profit, currently targeting $0.50?
As the entire cryptocurrency market seeks a bullish recovery after a long slump, the majority of Dogecoin wallets are profitable for the first time in a while.
According to data from IntoTheBlock, there are as many as 5.21 million addresses in profit. These wallets account for 82.66% of the total addresses in the Dogecoin ecosystem.
Although over 800,000 wallets are not currently in profit, analysis of current prices suggests that these addresses could return to profitability if DOGE returns to the $0.183729 to $0.671001 price range.
Wallets that are currently missing out on profits are only losing money because they refuse to sell their holdings. However, this range will keep wallets at a minimum breakeven.
Dogecoin has finally broken out of its recent slump, rising 11% in the past seven days following April in the red, with the current price at $0.156.
Its market cap is $23,035,810,127, down slightly over 24 hours, but DOGE is still ranked 8th among the highest cryptocurrency market caps.
The biggest question surrounding Dogecoin right now is not whether it will rebound, because it is currently rebounding. Instead, holders are curious about how long DOGE can maintain its current momentum.
The expectations of the Dogecoin community are as high as ever, optimistic that DOGE will return to the $0.2 mark in the short term. The long-term target for Dogecoin is $0.5
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