Dogecoin is once again in the spotlight, thanks to Elon Musk and technical readings that suggest the meme coin could be poised for a comeback.
Dogecoin Price Surges 40%, Majority of Addresses Now Profitable
Over the past six weeks, Dogecoin has witnessed a significant 40% recovery, resulting in more than half of all DOGE addresses becoming profitable. This marks a notable turnaround for the cryptocurrency, especially after the losses incurred by large investor groups during the SNL Show debacle. With the threshold of 50% profitability surpassed, long-term DOGE investors are feeling a sense of relief.
Dogecoin Sees Positive Trends in Ownership and Activity
In the past seven days, active addresses for Dogecoin surged by 22.3%, while new addresses increased significantly by about 53.28%. Telegram sentiment remains largely positive with 469 positive messages and 74 negative messages. However, the Dogecoin Telegram group’s membership is declining. Encouragingly, small investors hold over a third of the tokens, and 68 major investors own around 20% of the token supply.
Whales, addresses with over 1% of the total supply, account for approximately 45% of the tokens. Presently, about 55% of Dogecoin addresses are in a profitable position.
Around 36% of addresses would experience losses if they sold their Dogecoin tokens at the current market price, while approximately 9.4% are at the breakeven point.
DOGE Price Stalls in Short Term, Support at $0.07 Key for Bullish Momentum
In the short term, DOGE’s price momentum paused as it couldn’t sustain above $0.075. However, if the bulls successfully defend the support at $0.07, it could spark another rally to a higher peak. Despite Elon Musk mentioning DOGE twice in July, a significant rally was not triggered, likely due to low market volume, which is not surprising.
If DOGE maintains above $0.075, it could surge to $0.079 and $0.083, with the potential to reach $0.1.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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