cryptoglobe.com
A prominent cryptocurrency analyst, is predicting significant gains for Dogecoin ($DOGE) over the current market cycle, and while they weren’t able to point to a specific price point they noted that the $1 mark wouldn’t be a surprise.
In a post shared on the microblogging platform X (formerly Twitter) with their over 200,000 followers, popular cryptocurrency analyst Altcoin Sherpa noted that $DOGE’s price “consolidated for like 600 days,” and “is going to go to crazy” levels this cycle.
The analyst added that he doesn’t expected $DOGE to outperform rival meme-inspired cryptocrrencies like Dogwifhat, BONK, or PEPE over its larger market capitalization, but added its deeper liquidity will allow investors to create more sizable positions.
$DOGE: Several notes on this one-
— Altcoin Sherpa (@AltcoinSherpa) February 29, 2024
-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
Dogecoin is at the time of writing trading at $0.175 after surging more than 100% over the past week, with a 25% gain over the past 24-hour period. $DOGE has historically seen significant rallies over short periods of time.
Back in 2021, search interest for Dogecoin exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.
The price of the meme-inspired cryptocurrency surged in November 2022 when Musk noted that the platform would be supporting payments, fueled by speculation the cryptocurrency – which Musk has said “might be my fav cryptocurrency” – could be a part of the payments system integrated into the platform.
Data shows that the amount of open interest on $DOGE futures contracts – meaning the amount of unsettled contracts – has increased over 54% over the past day to hit a new record of over $1 billion. Notably most traders are longing the cryptocurrency, expecting it to keep on surging.
Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of $DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
Featured image via Unsplash.