A prominent cryptocurrency analyst has recently said that the price of the leading meme-inspired cryptocurrency Dogecoin ($DOGE) could surge over 1,000% to trade at $1.6 in the future as it breaks out of a Falling Wedge pattern.
According to popular pseudonymous analyst Trader Tardigrade on the microblogging platform X (formerly known as Twitter), Dogecoin’s price has been in a Falling Wedge formation, with a potential breakout now imminent.
Per the trader, the pattern is “almost the same as [the] last two cycles,” which means that the price of the meme-inspired cryptocurrency could surge 1,300% from its current level at around $0.11 to $1.6, based on its previous price surged.
As CryptoGlobe reported, DOGE whales have amassed over 1.4 billion tokens in just 48 hours to add more than $140 million worth of the largest meme-inspired cryptocurrency by market capitalization to their wallets.
That’s according to data from on-chain analytics firm Santiment that was shared by popular cryptocurrency analyst Ali Martinez on the microblogging platform X (formerly known as Twitter) with his over 72,000 followers.
Earlier this year, Tesla and Space X CEO Elon Musk acknowledged the potential value in Bitcoin and other digital currencies but admitted having a particular fondness for Dogecoin. “I’ve sort of got a soft spot for Dogecoin because I like dogs and memes,” he explained.
Featured image via Unsplash.
