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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

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

1 year ago

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

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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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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