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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Dogecoin on the Rise: Over 5 Million Wallets Now Profitable As Potential Surge Looms

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Dogecoin

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So far, Dogecoin has emerged as a significant player among the largest altcoins, exhibiting signs of a strong comeback, particularly highlighted by the recent profitability of numerous wallet addresses.

A Surge In Dogecoin Profitable Addresses

Recent data from IntoTheBlock reveals a notable uptick in the profitability of Dogecoin addresses. Of the myriad wallets in the Dogecoin ecosystem, roughly 82.66%, representing approximately 5.21 million addresses, are currently profitable.

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1 year ago

According to data from IntoTheBlock, the profitability price range remains between $0.143 and $0.150.

Dogecoin addresses metric.
Dogecoin addresses metrics. | Source: IntoTheBlock

Conversely, a smaller segment of the network, about 13.5% or 850,400 addresses, remains in the red. These addresses are positioned to turn profitable if Dogecoin’s market price is between $0.183 and $0.671.

An intriguing midpoint exists where approximately 3.83% of addresses, totaling 241,340, will break even if prices reach between $0.150 and $0.167.

DOGE’s Market Dynamics And Future Prospects

Despite the positive sentiment, Dogecoin’s journey is not devoid of challenges and speculative dynamics. The meme coin, often buoyed by social media trends and celebrity endorsements, particularly from figures like Elon Musk, is gaining traction through technical milestones and broader ecosystem developments.

Analytical experts like Ali have pointed out significant patterns on Dogecoin’s charts that echo its historical rallies. Notably, Ali identifies a recurring descending triangle breakout akin to those seen before substantial price surges in 2017 and 2021.

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Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges

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If historical patterns hold true, Dogecoin might revisit its all-time high and potentially exceed it, with targets set ambitiously at $1.2 and even $6 in the ongoing bull cycle.

Now, in 2024, #DOGE has yet again broken out of a descending triangle!

It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run! pic.twitter.com/ZmuHmvIwei

— Ali (@ali_charts) May 1, 2024

Furthermore, sentiments from market analysts like Altcoin Sherpa reinforce the bullish outlook for Dogecoin. Sherpa’s analysis, based on long-term consolidation phases and current market positioning, suggests that Dogecoin could outperform other cryptocurrencies significantly this year. Sherpa noted:

DOGE is looking good. I strongly feel like this is going to be a strong coin for 2024. I think averaging between $.12 and $.14 would be a solid play and this one should outperform many other tokens for a lot of reasons. It chopped for almost 2 years, it’s going to moon later.

Meanwhile, Dogecoin’s price has recently experienced a notable uptick, rising over 10% in the past week. However, in the last 24 hours, it has slightly declined by 2.4%, trading at $0.155 at the time of writing.

Dogecoin price is moving sideways on the 4-hour chart. Source: DOGE/USDT on TradingView
Dogecoin price is moving sideways on the 4-hour chart. Source: DOGE/USDT on TradingView

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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