Cardano: A Potential Scenario Where 50% of ADA Holders Could Face Profitability

  • DOGE is expected to reach $1, creating opportunities for more holders to profit.
  • With a surge in trading volume, analysts predict a potential rise to $5 for DOGE in the near future.

Exciting news for Dogecoin [DOGE] enthusiasts as the popular cryptocurrency took center stage as the top gainer among the top 10 assets. Currently, DOGE is trading at $0.95, marking an impressive 9.52% increase over the last 24 hours.

Previously, market reports hinted at a possible drop in DOGE’s ranking within the top 10 based on market capitalization. However, the recent spike in price has solidified its position as a strong contender in the market.

One key factor to watch closely is the number of holders in profit. Current data from IntoTheBlock reveals that only 35% of DOGE investors are in profit.

Meanwhile, a substantial 60% of holders find themselves at a loss with their DOGE investments.

Dogecoin holders in profit experiencing an upward trend

Source: IntoTheBlock

Community support can make a difference

However, this balance could shift if the price of DOGE continues its upward trajectory. To reach this goal, the token needs to hit an average price of $1.

Currently, 44,780 addresses acquired 905.63 million tokens within the $0.95 to $1 range, demonstrating strong community involvement.

As market sentiments remain positive, this concentrated group of addresses could provide crucial support for DOGE in the future. Stay alert for potential market fluctuations.

A high concentration of accumulation could trigger selling pressure if the token reaches the average cost basis, potentially leading to a rejection at $1.

Yet, signs from on-chain activity suggest that DOGE may surpass the resistance at $1. This belief is bolstered by the increased trading volume of Dogecoin.

Based on Santiment’s analysis, DOGE witnessed a significant surge in trading volume, reaching a weekly peak of $520.91 million. This uptick in volume reflects growing interest in Dogecoin.

If this momentum continues alongside price appreciation, the anticipated climb to $1 could become a reality sooner than expected.

Dogecoin's price and trading volume on the riseDogecoin's price and trading volume on the rise

Source: Santiment

With a strong belief in DOGE’s potential, the $1 mark could become a significant support level as the token eyes even greater heights.

Is a $5 DOGE possible?

Looking ahead, the outlook for DOGE seems promising in the long run. However, this will depend on market cycles avoiding a peak, as some experts suggest.

Further insights from historical data indicate that retail investors currently hold 69.85% of the total DOGE supply.

Additionally, investors maintaining an average position in DOGE account for 20.03% of the supply, while DOGE whales hold 7.12%.

Explore Dogecoin’s [DOGE] Price Forecast 2024-2025

The last time DOGE whales held around 8% of the total circulation was in the previous year, coinciding with DOGE’s peak at $3.25. Post-2022, the bear market led to a sell-off by these whales; however, a resurgence in large accumulation may indicate a return to previous highs.

Next: WIF, PEPE DOGE dominate as memecoins surge 114%: What’s next?

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