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A trader known in the crypto space under the nickname "DonAlt" has released a fresh new outlook on the price action of the most popular meme cryptocurrency, Dogecoin (DOGE). Since the beginning of November, the price of DOGE has already risen by almost 140%, reaching $0.40, a level not seen since November 2021, when the meme coin reached its highest value.
Despite the stunning price behavior, and in many ways the "sufficiency" of such a performance — with the Dogecoin price literally going "to the moon" in the last three months — the coin looks good, in DonAlt's opinion.
In addition, according to the expert trader's opinion, "the dog has the right to the second leg," with legs in the slang of traders meaning periods of vertical price growth.
$DOGE
— DonAlt (@CryptoDonAlt) November 19, 2024
Actually kinda looks good
A dog kind of deserves at least 2 legs no? pic.twitter.com/Lia596NXFl
If the DOGE price can indeed count on a "second leg" according to the trader's forecast, then it is possible that an all-time high update for the most popular meme cryptocurrency will be waiting for us soon.
DOGE to $1?
Currently, Dogecoin's price peaks at $0.74, which was reached back in May 2021. Up to this mark, the meme cryptocurrency now needs to travel an 89% upward path. If the next period of price growth is similar to what we are seeing in November, then such an outcome does not seem impossible.
The real question is whether Dogecoin will be able to reach the coveted $1 per coin mark. Many thought this was impossible due to the so-called unit bias, i.e., the pile of zeros in the price of DOGE, which would mean that to reach a whole dollar per coin, Dogecoin would have to be very expensive.
Indeed, for example, DOGE is currently capitalized at $57.16 billion, and when it reaches $1, it will be worth $146.86 billion. Is this possible for the meme coin?