Can Dogecoin Reach $1? On-Chain Data Reveals the Missing Ingredients
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Recent analysis conducted by IntoTheBlock indicates that 68% of Dogecoin wallets remain profitable, which demonstrates the asset's resilience.
Despite this, the Dogecoin network is seeing a decline in new participants, as evidenced by the decreasing number of new addresses being created.
Dogecoin currently ranks as the 4th largest cryptocurrency in the market, boasting a market cap exceeding $1 billion. However, for Dogecoin to reach the $1 mark, additional network growth and increased participant involvement are necessary.
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