More than five million Dogecoin addresses are now seeing gains as DOGE's price rises and is now targeting $0.50. As the overall cryptocurrency market looks for a bullish recovery after a long slump, most Dogecoin portfolios are seeing gains for the first time in a while.
According to data from IntoTheBlock, as many as 5.21 million addresses are profitable. These wallets account for 82.66% of the total addresses in the Dogecoin ecosystem. IntoTheBlock suggests that the optimal price for this profit level is between $0.143227 and $0.150461.
Despite the over 800,000 wallets currently not making a profit, analysis of the current price shows that these addresses could make a profit again if DOGE returns to the price range of $0.183729 to $0.671001. The portfolios that are currently missing out on profits are only making losses because they have refused to sell their holdings. However, with this range, the portfolios could reach a minimum breakeven.
Also Read: How High Can Dogecoin (DOGE) Rise This Week?
Dogecoin is finally breaking out of its recent slump, up 11% in the last seven days after a red April, and is currently at $0.156. The market cap stands at $23,035,810,127, which is slightly lower in 24 hours but keeps DOGE in eighth place for the highest crypto market cap.
The biggest question surrounding Dogecoin now is not whether it will recover, because it currently does. Instead, holders are curious to see how long DOGE can maintain this current momentum. The expectations of the Dogecoin community are high as always and it is optimistic to see that DOGE will regain the $0.5 mark in the short term.