Analyst Predicts Massive Rally For Dogecoin Price With A $1 Target, Here’s How
05 Março 2024 - 9:05PM
NEWSBTC
Dogecoin recently jumped to the $0.2 level for the first time since
November 2021 amidst a month of exceptional bullish price action.
Notably, DOGE is currently up by 128% this month and 97% in the
past seven days, giving DOGE holders something to be happy about.
According to a crypto analyst, this price surge is expected to
continue and go parabolic to the $1 mark in this market
cycle. Dogecoin Set To Perform Exceptionally Well Current
market dynamics and bullish sentiment have seen DOGE shooting up in
market capitalization after an extended consolidation period. A
recent surge past the $0.20 price level saw DOGE briefly overtaking
Cardano and jumping up to the eighth position in market cap
rankings. Related Reading: Bitcoin Will Reach A New All-Time
High This Week, Matrixport Head Of Research Says In a post shared
on social media platform X, a crypto analyst known as Altcoin
Sherpa, noted this recent surge as a sign of better things to come
in this cycle. While the analyst didn’t give a particular price
point, he noted that a $1 price per Dogecoin wouldn’t be too
surprising. $DOGE: Several notes on this one- -Its going to go to
crazy #s this cycle, I don’t know what. $1 wouldn’t honestly
surprise me. -Chart itself looks good, consolidated for like 600
days. -Given the overall mc, this one is NOT going to give you as
big of gains as… pic.twitter.com/ifNdTGCr9L — Altcoin Sherpa
(@AltcoinSherpa) February 29, 2024 Interestingly, the $1 level
would mean a ride to uncharted territory for DOGE, as the crypto is
yet to cross above $0.8. A surge to $1 would mean a 465% surge from
the current price level and past its current all-time high of
$0.74. The analyst noted that he doesn’t expect DOGE to perform as
well as other meme-inspired cryptocurrencies with lower market caps
like WIF, PEPE, and BONK, but its deep liquidity provides more of a
stable investment. He also noted that DOGE and SHIB will probably
take turns leading gains among meme coins. Meme Coins Continue To
Shine The meme coin market has grown significantly since the early
days of DOGE’s creation, which started out as a joke. Since then,
tons of meme coins have been created, but Dogecoin continues to
solidify its position as the largest meme coin in terms of market
cap, demonstrating signs of renewed enthusiasm every so often. At
the time of writing, DOGE is trading at $0.18. Data from Coinglass
shows that the open interest on DOGE futures contracts is now at
$1.62 billion, a 10% increase in the past 24 hours. Related
Reading: Cardano On-Chain Fundamentals Point To Massive Rally, Is
$10 Possible? Other meme coins are also witnessing strong interest.
According to Santiment, SHIB, PEPE, FLOKI, and BONK have seen an
increase of over 3,000% in trading volume in the past week. The
on-chain analytics platform credits the increase in trading volume
to surging prices and increased crowd interest. 📈 #Memecoins,
particularly those that have been trending over the past week, have
skyrocketed in trading volume due to surging prices and increased
crowd interest. On average, $SHIB, $PEPE, $FLOKI, and $BONK has
seen volume rise +3,000% in the past week. https://t.co/MMHxbMotu0
pic.twitter.com/AiIaEbgGIz — Santiment (@santimentfeed) March 4,
2024 SHIB, PEPE, FLOKI, and BONK are up by 277%, 256%, 204%, and
145% respectively in the past seven days, outperforming DOGE during
the time frame. DOGE bulls hold up price | Source: DOGEUSD on
Tradingview.com Featured image from StormGain, chart from
Tradingview.com
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