Dogecoin just lately jumped to the $0.2 level for the primary time since November 2021 amidst a month of exceptional bullish price action. Notably, DOGE is presently up by 128% this month and 97% previously seven days, giving DOGE holders one thing to be pleased about. In keeping with a crypto analyst, this value surge is anticipated to proceed and go parabolic to the $1 mark on this market cycle.
Dogecoin Set To Carry out Exceptionally Effectively
Current market dynamics and bullish sentiment have seen DOGE taking pictures up in market capitalization after an extended consolidation period. A latest surge previous the $0.20 value stage noticed DOGE briefly overtaking Cardano and leaping as much as the eighth place in market cap rankings.
In a submit shared on social media platform X, a crypto analyst often known as Altcoin Sherpa, famous this latest surge as an indication of higher issues to return on this cycle. Whereas the analyst didn’t give a specific value level, he famous {that a} $1 value per Dogecoin wouldn’t be too stunning.
$DOGE: A number of notes on this one-
-Its going to go to loopy #s this cycle, I don’t know what. $1 wouldn’t actually shock me.-Chart itself seems to be good, consolidated for like 600 days.
-Given the general mc, this one is NOT going to provide you as large of good points as… pic.twitter.com/ifNdTGCr9L
— Altcoin Sherpa (@AltcoinSherpa) February 29, 2024
Curiously, the $1 stage would imply a trip to uncharted territory for DOGE, because the crypto is but to cross above $0.8. A surge to $1 would imply a 465% surge from the present value stage and previous its present all-time excessive of $0.74.
The analyst famous that he doesn’t anticipate DOGE to carry out in addition to different meme-inspired cryptocurrencies with decrease market caps like WIF, PEPE, and BONK, however its deep liquidity offers extra of a steady funding. He additionally famous that DOGE and SHIB will most likely take turns main good points amongst meme cash.
Meme Cash Proceed To Shine
The meme coin market has grown considerably for the reason that early days of DOGE’s creation, which began out as a joke. Since then, tons of meme cash have been created, however Dogecoin continues to solidify its place as the biggest meme coin by way of market cap, demonstrating signs of renewed enthusiasm on occasion.
On the time of writing, DOGE is buying and selling at $0.18. Knowledge from Coinglass exhibits that the open curiosity on DOGE futures contracts is now at $1.62 billion, a ten% improve previously 24 hours.
Different meme cash are additionally witnessing sturdy curiosity. In keeping with Santiment, SHIB, PEPE, FLOKI, and BONK have seen an increase of over 3,000% in buying and selling quantity previously week. The on-chain analytics platform credit the rise in buying and selling quantity to surging costs and elevated crowd curiosity.
📈 #Memecoins, significantly these which were trending over the previous week, have skyrocketed in buying and selling quantity because of surging costs and elevated crowd curiosity. On common, $SHIB, $PEPE, $FLOKI, and $BONK has seen quantity rise +3,000% previously week. https://t.co/MMHxbMotu0 pic.twitter.com/AiIaEbgGIz
— Santiment (@santimentfeed) March 4, 2024
SHIB, PEPE, FLOKI, and BONK are up by 277%, 256%, 204%, and 145% respectively previously seven days, outperforming DOGE throughout the timeframe.
DOGE bulls maintain up value | Supply: DOGEUSD on Tradingview.com
Featured picture from StormGain, chart from Tradingview.com
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