As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless bull and bear cycles, but none quite like the one Dogecoin is currently riding. The price action of this meme coin has been nothing short of extraordinary, with its recent 7-month high pushing an overwhelming majority of holders into profitability – a phenomenon that I haven’t seen in my career thus far.
Over the past week, the performance of Dogecoin has been truly remarkable. More specifically, you might have noticed that the value of Dogecoin has nearly doubled over the last month, as suggested by the figures, which indicate a significant 115% rise in its price within this time span.
As a researcher, I’m excited to note that the recent Dogecoin price surge has propelled the meme coin above $0.22 for the first time since April 1 of this year – marking over seven months since it last achieved this milestone. Remarkably, this spike now places Dogecoin at its highest point in terms of price for the entire year of 2024. Additionally, I’ve observed a significant increase in the number of Dogecoin holders who have crossed into profitability as a result of this rally.
Dogecoin 7-Month High Pushes Majority Into Profitability
According to insights from IntoTheBlock, a large majority – about 91.17% – of Dogecoin (DOGE) holders are currently enjoying profits due to the recent surge in price. Specifically, this is based on their profitability metric, which reveals that approximately 5.82 million wallets are currently profiting from their DOGE investments.
Approximately 62.35% of buyers who purchased this cryptocurrency when it was priced between $0.178537 and $0.242947 are currently realizing profits, given the current price level.
As we move into a fresh week, the value of Dogecoin may head down two possible directions due to current market conditions and investor profits. One possibility is a significant slowdown in the upward trend of Dogecoin’s price. While the price has been on an uptrend, the recent achievement of a new 2024 peak might make it difficult for it to overcome crucial resistance levels.
As more and more investors find themselves in a profitable position with their Dogecoin investments, some might choose to cash out and secure their profits. This mass selling could potentially lead to a decrease in the coin’s price due to increased supply. If the scale tips heavily towards profit-taking and there’s less demand for buying, Dogecoin may undergo a substantial price drop.
Conversely, Dogecoin might keep rising, potentially leading to more gains in the upcoming week. If the buying pressure maintains its current pace, Dogecoin could potentially reach its peak value of $0.7316 by year-end without much difficulty. Presently, DOGE is being traded at $0.2352, marking an increase of 11.5% over the past day.
Analyst Says Dogecoin Will Reach $1.17 Soon
Time alone may reveal if Dogecoin’s price will continue its upward trend or move into a period of stability. However, based on positive momentum, a crypto analyst going by the name Mags (@thescalpingpro) on social media predicts that the coin’s value could still increase further.
Based on Mags’ analysis, we’re experiencing a surge in meme coin popularity, which he refers to as a “meme coin supercycle.” He also showed a chart of Dogecoin that suggests a potential sharp increase, or a parabolic rally, for Dogecoin. If his prediction holds true, Dogecoin could break through a previous price boost and reach $1.17 per coin. This would mark a significant 400% increase from its current value.
“$DOGE pump will melt faces,” the analyst said.
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2024-11-10 18:41