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5.21 Million Dogecoin Wallets Turn Profitable as Price Targets $0.50

As Dogecoin’s price edges closer to $0.50, over five million Dogecoin addresses have entered a profit-making phase, marking a significant recovery amidst a bullish cryptocurrency market. This resurgence is a welcome change for the Dogecoin community, which has seen prolonged periods of stagnation.

Dogecoin (DOGE)

Data from IntoTheBlock reveals that 5.21 million Dogecoin wallets, constituting 82.66% of all addresses in the ecosystem, are now profitable. This profitability correlates with Dogecoin’s trading price, which has found a strong foothold in the $0.143227 to $0.150461 range, underpinning the current market optimism.

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Dogecoin Rallies: Over 5 Million Wallets Profit as Price Eyes $0.50 Milestone

More than five million Dogecoin addresses have turned profitable as the cryptocurrency’s price aims for the $0.50 mark, signaling a robust recovery across the digital currency market. According to IntoTheBlock, 5.21 million Dogecoin wallets, representing 82.66% of all active wallets in the ecosystem, are currently in profit, typically within a price range of $0.143227 to $0.150461.

Despite the profitability surge, around 800,000 wallets remain unprofitable, stuck in a purchase range of $0.183729 to $0.671001. These wallets have opted not to sell, holding out for a price rebound that would allow them to break even or profit.

In the past week, Dogecoin has seen an 11% increase, currently trading at $0.156 with a market capitalization of $23.04 billion. While the market cap has seen a slight decline, Dogecoin remains the eighth largest cryptocurrency by market cap. This resurgence fuels optimism within the Dogecoin community, with high hopes for reclaiming the $0.50 level soon.

Key Points:

  • Over 5.21 million Dogecoin addresses now profitable as price surges.
  • Remaining 800,000 wallets could profit if DOGE hits $0.183729 to $0.671001.
  • Dogecoin’s market cap holds strong, maintaining top-ten status.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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