A popular cryptocurrency analyst has recently suggested that the meme-inspired cryptocurrency Dogecoin ($DOGE) could surge around 700% from its current levels after saying that the “DOGE train has already left the station.”
In a post on the microblogging platform X (formerly known as Twitter), pseudonymous crypto analyst Captain Faibik noted that he believes an “epic pump is incoming” for the meme-inspired cryptocurrency.
In the post, Faibik shared a chart showing DOGE’s potential climb from around $0.09 where it’s currently trading to $0.70 per token.
His comments come at a time in which the meme-inspired cryptocurrency has seen the total number of addresses on its network with a balance surpassing the 5 million milestone after a significant surge over the last few weeks amid rising cryptocurrency adoption.
The rise came amid a growing number of confirmed transactions on the Dogecoin network as the cryptocurrency’s price rose around 16% over the past 30 days to now trade at $0.08 per token.
It also came after a “massive amount” of older DOGE started moving out of wallets that has been dormant, in a sign that the price of the meme-inspired cryptocurrency could soon move upward.
While a rise in open interest typically signals a bullish sentiment among futures traders, an excessively high or sudden spike can serve as a bearish indicator, hinting at an impending shift in market trends as traders potentially initiate short positions.
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.
