The meme-inspired cryptocurrency Dogecoin ($DOGE) has seen its price skyrocket amid a wider cryptocurrency market rally, and is now trading above the $0.40 mark after rising more than 140% in the last seven days.
To a popular cryptocurrency analyst, however, DOGE’s price rise may only be the beginning of a larger upward movement that could see the meme-inspired cryptocurrency trade in a price range of $3.95 to $23.26.
In a post shared on the microblogging platform X (formerly known as Twitter), analyst Ali Martinez said DOGE is “about to go parabolic” based on historical patterns that show a potential top could be coming between the 1.618 and 2.272 Fibonacci retracement levels, which would end up “translating to a price range of $3.95 to $23.26.”
The cryptocurrency has been outperforming Bitcoin over the last few days, with the flagship cryptocurrency itself moving up around 25% over the last seven days. As CryptoGlobe reported, last month DOGE saw its “largest spike in active addresses in the past six months,” as the number of addresses active on its blockchain recently surged past 84,000.
That’s according to data from on-chain analytics firm Santiment, first shared by popular cryptocurrency analyst Ali Martinez, who also noted that the Dogecoin network is “experiencing significant growth.”
DOGE recently hit a major milestone after seeing the number of wallet addresses holding it surpass the 90 million mark. It’s worth noting that one wallet doesn’t necessarily mean one user. Anyone can create multiple DOGE wallets, while some wallets – those of exchanges, for example – may hold DOGE belonging to various users.
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.
