A popular cryptocurrency analyst has recited the prices of Cosmos ($ATOM) and meme-inspired cryptocurrency Dogecoin ($DOGE) could undergo an “explosive” rally in the near future as interest in altcoins recovers.
Pseudonymous cryptocurrency analyst Kaleo has shared a chart with their over 500,000 followers on the microblogging platform Twitter detailing that Cosmos, which plans on becoming an interoperable ecosystem of blockchains, is going to have an “explosive” rally once it breaks out of its range when trading against Bitcoin (BTC).
The analyst also took a look at Dogecoin, the meme-inspired cryptocurrency supported by Tesla and Space X CEO Elon Musk. The cryptocurrency saw its price surge after Musk completed his acquisition of Twitter. Musk’s support for the cryptocurrency has included his electric car maker, Tesla, accepting DOGE payments for merchandise.
Per Kaleo, DOGE could soon rise to the $0.20 level, up from around $0.11 at which it’s currently trading.
Notably, leading cryptocurrency exchange Binance, which invested $500 million to support Musk’s takeover, has recently launched a ‘Bluebird Index’, which is a cryptocurrency index that tracks the performance of its own native token, $BNB, as well as that of Dogecoin ($DOGE) and a little-known cryptocurrency called Mask Network ($MARK).
The name and constituents of the index drew attention on social media, with several users claiming Binance is hinting at the coins that will be a part of a future Twitter integration into Web3.
During a press conference at the 2022 Web Summit in Lisbon, Binance’s CEO detailed that the firm is a “minority investor” that wants to be “as supportive as possible” with Twitter. CZ added that in talks with Musk, he mentioned using Dogecoin on the microblogging platform.
As CryptoGlobe reported, search interest for DOGE exploded ahead of a 10,000% price rally last year, with influencers associated with the WallStreetBets subreddit calling for the meme-inspired to cryptocurrency to surge to $1 being part of the reason for the search explosion, along with jokes made by Tesla CEO Elon Musk around the cryptocurrency. $DOGE’s price has since plunged.
Image Credit
Featured Image via Unsplash
