A pseudonymous cryptocurrency analyst Altcoin Sherpa on Wednesday predicted that the top meme cryptocurrency by market capitalization Dogecoin DOGE/USD will reach $1.
What Happened: Altcoin Sherpa posted on X, "$DOGE: Some random notes on this one: -I think that this does something stupid, like go to $1+ or something. It’s got too much firepower w. elon and is still king meme."
The analyst said although it’s unclear when this might happen, the involvement of high-profile individuals like Elon Musk, along with its status as the ‘king meme’ coin.
Trending: If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today.
"When this happens? I have no idea. Could be now, could be 6 months from now. It wont give you the same returns as 2021 given mc. This is a relatively safe trade IMO. Like I think the chances of this doing several x is quite high. Is it going to be better R:R than longing other stuff like $SOL? I don’t know. Go as far down the risk curve as you want. The chart looks great IMO. Chopped for 650 days and then exploded up. $.20 and $.35 are the next interesting areas up. Whether it’s better to long this or other memes, it really depends on your risk tolerance," said the analyst.
Dogecoin on Wednesday saw a slight correction, from the $0.2 mark to $0.16, a price not seen since November 2021. This month alone, the meme cryptocurrency has skyrocketed by 128%, and a 97% jump in just the past week.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Kaleo, another pseudonymous analyst, hinted at a further rise for Dogecoin in a tweet: “Just a reminder anon – $DOGE has plenty more left in the tank.”
At present, Dogecoin is trading at $0.16 with a market capitalization of $23.9 billion, marking a 100% increase from the previous week. Kaleo’s analysis suggests the possibility of Dogecoin’s price moving towards $0.67.
Altcoin Sherpa earlier recommended a long-term approach to investing in DOGE, stating that although it may not surpass other meme coins in terms of market capitalization, significant profits could be made during a ‘giga pump.’ The advice was to “Buy now and go into a coma and sell when this moons.”
This comes as Dogecoin's price rise is an all-time high in futures open interest, which has achieved the $1.4 billion mark.
Price Action: At the time of writing, DOGE was trading at $0.16, down a 7.20% decrease over the last 24 hours.
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