Over five million Dogecoin addresses are now seeing profit as the price of DOGE surges, now eyeing $0.50. As the overall cryptocurrency market looks for a bullish recovery following a long slump, most Dogecoin wallets are seeing profit for the first time in a while.
According to data from IntoTheBlock, as many as 5.21 million addresses are in profit. These wallets account for 82.66% of the total addresses in the Dogecoin ecosystem. IntoTheBlock suggests that the optimal price for this profit level sits between $0.143227 and $0.150461.
Despite the over 800,000 wallets that aren’t in profit currently, analysis of current price reveals that these addresses can return to profit if DOGE returns to the price range of $0.183729 to $0.671001. The wallets currently missing out on profit are only in loss because they’ve refused to sell their holdings. However, this range would allow the wallets to bare minimum break even.
Also Read: How High Can Dogecoin (DOGE) Surge This Week?
Dogecoin is finally breaking out of its recent slump, up 11% in the last seven days following a red April, and currently sits at $0.156. Its market cap sits at $23,035,810,127, which is slightly down in 24 hours but keeps DOGE in eighth place for the highest crypto market caps.
The biggest question surrounding Dogecoin now isn’t if it will rebound, because its currently doing so. Instead, holders are curious about how long DOGE can maintain this current momentum. The Dogecoin community’s expectations are high as always, and it’s optimistic to see DOGE reclaim the $0.5 mark in the short term.