Analyst Predicts Massive Rally For Dogecoin Price With A $1 Target, Here’s How

[ad_1]

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. 

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.

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. 

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.

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. 

Dogecoin price chart from Tradingview.com

DOGE bulls hold up price | Source: DOGEUSD on Tradingview.com

Featured image from StormGain, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related Posts

Leave a Comment!

Your email address will not be published. Required fields are marked *