Wallets inside the Dogecoin (DOGE) ecosystem are largely profitable since the market as a whole is trending higher. IntoTheBlock (ITB) data insights indicate that up to 5.21 million addresses are profitable.
DOGE price and profitability
The 5.21 million addresses make up 82.66% of all addresses in the Dogecoin ecosystem, according to the report. The best price for this profit level, according to the statistics, is between $0.143227 and $0.150461.
The percentage of lost addresses on the network is about 13,5%, or 850,400. If this type of wallets holds onto their holdings and the price goes down to $0.183729, they can reverse these negative profits to $0.671001. Breakeven is reached at a price between $0.150461 and $0.167839, where 241,340 addresses, or 3.83% of the total, are located.
With 82% of addresses in the Dogecoin ecosystem making money, this twist has established a new record for the most profits in weeks. Dogecoin has been able to rely on broad ecosystem patterns, the impact of sporadic whale buy-ups, and the anticipation of integration by Tesla and other Elon Musk-owned companies despite having few fundamentals driving its comeback.
Can Dogecoin sustain this uptrend?
With a current price of $0.1598 and a weekly increase of 12.45%, Dogecoin continues to be an anomaly, staying in eighth position with $23,035,810,127.
The community has high hopes, and they depend on DOGE regaining at least the $0.5 threshold in the near future. The goal is still to recover the all-time high (ATH) at $0.7376 in the long run.
Given the present state of the market, Dogecoin might not succeed in this endeavour until Open Interest and the number of new users soar during a significant market rebirth.
