A prominent cryptocurrency analyst, is predicting significant gains for Dogecoin (DOGE) over the current market cycle, and while they weren’t able to point to a specific price point they noted that the $1 mark wouldn’t be a surprise.
In a post shared on the microblogging platform X (formerly Twitter) with their over 200,000 followers, popular cryptocurrency analyst Altcoin Sherpa noted that DOGE’s price “consolidated for like 600 days,” and “is going to go to crazy” levels this cycle.
The analyst added that he doesn’t expected DOGE to outperform rival meme-inspired cryptocrrencies like Dogwifhat, BONK, or PEPE over its larger market capitalization, but added its deeper liquidity will allow investors to create more sizable positions.
Dogecoin is at the time of writing trading at $0.175 after surging more than 100% over the past week, with a 25% gain over the past 24-hour period. 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.
The price of the meme-inspired cryptocurrency surged in November 2022 when Musk noted that the platform would be supporting payments, fueled by speculation the cryptocurrency – which Musk has said “might be my fav cryptocurrency” – could be a part of the payments system integrated into the platform.
Data shows that the amount of open interest on DOGE futures contracts – meaning the amount of unsettled contracts – has increased over 54% over the past day to hit a new record of over $1 billion. Notably most traders are longing the cryptocurrency, expecting it to keep on surging.
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.
