A popular cryptocurrency analyst has recently suggested that the meme-inspired cryptocurrency Dogecoin could see a “gorgeous pump” over the holidays after it breaks through a key price level.
In a post shared on the microblogging platform X (formerly known as Twitter) with their over 370,000 followers, pseudonymous crypto analyst Crypto Tony said that after DOGE breaks through the $0.108 mark the cryptocurrency could see a “gorgeous pump.”
The tweet comes at a time in which the meme-inspired cryptocurrency has lost its position as the ninth-largest cryptocurrency by market capitalization after Avalanche (AVAX) significantly outperformed it. AVAX has a $15.6 billion market cap, while DOGE’s market cap is currently sitting at $13.1 billion.
Dogecoin has notably recently been seeing growth, which seemingly hasn’t translated into its price. The meme-inspired cryptocurrency recently saw the total number of addresses on its network with a balance surpass the 5 million milestone. The number of active addresses on the network, meanwhile, has more than doubled to reach 168,000, the highest level since March of last year.
The rise came after a “massive amount” of older DOGE started moving out of wallets that have been dormant, in a sign that the price of the meme-inspired cryptocurrency could soon move upward.
Captain Faibik, another popular crypto analyst, has recently suggested DOGE’s price could surge around 700% from its current levels after saying that the “DOGE train has already left the station.”
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.
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.
