Dogecoin has witnessed an impressive rally, doubling in price over the past 30 days to achieve its highest price in 2024 at $0.22. This surge has pushed the majority of holders into profitability, with 91.17% reportedly in profit according to IntoTheBlock.
The profitability metric indicates that 62.35% of addresses that bought Dogecoin at prices between $0.178537 and $0.242947 are now profitable. Despite this peak, Dogecoin faces two potential paths: a decline due to profit-taking or a continued rally, possibly reaching new heights.
If the market momentum sustains, Dogecoin might achieve its all-time high of $0.7316 by year-end. Analysts like Mags predict a price rally to $1.17, a 400% rise from the current rate, attributing the growth to a meme coin supercycle.
However, the potential for a price pullback exists if the profit-taking wave is strong. Currently, Dogecoin is trading at $0.2352, showing an 11.5% increase in the last 24 hours.
