Analysts predict a significant increase in the price of Dogecoin, with a target of $1
In a month of exceptionally bullish price action, Dogecoin recently jumped to the $0.2 level for the first time since November 2021. It's worth noting that DOGE is currently up 128% this month and 97% over the past 7 days, much to the delight of DOGE holders. This price spike is expected to continue and rise to the $1 mark in a parabolic manner during this market cycle, according to a crypto analyst.
The current market dynamics and bullish sentiment have caused DOGE's market capitalization to rise significantly after a long period of consolidation. Recently, the DOGE price soared above $0.20, briefly overtaking Cardano to jump to eighth place in the market capitalization rankings.
In a post shared on the social media platform X, a crypto analyst named Altcoin Sherpa noted that the recent spike is a sign that something better is coming up in this cycle. While the analyst didn't give a specific price point, he noted that the price of $1 per Dogecoin wouldn't be too surprising.
Interestingly, the $1 level means entering uncharted territory for DOGE, as the cryptocurrency has yet to break above $0.8. A surge to $1 means a 465% increase from the current price level and surpasses the current all-time high of $0.74.
The analyst noted that he doesn't expect DOGE to perform like other meme-inspired cryptocurrencies with lower market caps like WIF, PEPE, and BONN, but its deep liquidity provides a more stable investment. He also noted that DOGE and SHIB are likely to take turns leading the meme coin's gains.
Since the inception of DOGE (which was originally just a joke), the meme coin market has grown significantly. Since then, a large number of meme coins have been created, but Dogecoin continues to cement its position as the largest meme coin by market capitalization, showing new signs of enthusiasm from time to time.
DOGE is currently trading at $0.18. Open interest in DOGE futures contracts is currently at $1.62 billion, up 10% in the last 24 hours, according to the data.
Other meme coins have also generated a lot of interest. According to statistics, the trading volume of SHIB, PEPE, FLOKI, and BONK has increased by more than 3,000% over the past week. The on-chain analytics platform attributed the increase in trading volume to soaring prices and increased crowd interest.
SHIB, PEPE, FLOKI, and BONK are up 277%, 256%, 204%, and 145% respectively in the last 7 days, outperforming DOGE during that time.
(Source: Scott Matherson)
