Olga Prentiss
Mar 05, 2024 - 04:05

Dogecoin to the Moon: Crypto Analyst Predicts Massive Gains for DOGE Cycle

Cryptocurrency analyst predicts significant gains for Dogecoin, with potential to hit $1 mark, fueled by recent surge and increased interest.

A well-known cryptocurrency analyst is foreseeing substantial gains for Dogecoin (DOGE) in the current market cycle. While unable to pinpoint an exact price target, the analyst suggested that reaching the $1 mark would not be unexpected.

Taking to the microblogging platform X (formerly Twitter) with a following of over 200,000 users, the popular cryptocurrency analyst Altcoin Sherpa highlighted that DOGE's price had been consolidating for approximately 600 days and is poised to reach unprecedented levels in this cycle.

The analyst expressed confidence that DOGE may not surpass other meme-inspired cryptocurrencies like Dogwifhat, BONK, or PEPE in terms of market capitalization but emphasized that its deep liquidity would enable investors to establish more substantial positions.

As of the time of writing, Dogecoin is trading at $0.175, having surged over 100% in the past week and 25% in the last 24 hours. Historically, DOGE has witnessed significant price rallies within short timeframes.

In 2021, search interest in Dogecoin skyrocketed during the cryptocurrency's remarkable 10,000% price surge, escalating from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

The value of the meme-inspired cryptocurrency experienced a surge in November 2022 when Elon Musk indicated that the platform would support DOGE payments. Speculation arose that the cryptocurrency, which Musk has touted as potentially his favorite, could be integrated into the platform's payment system.

Recent data reveals that the open interest in DOGE futures contracts, representing unsettled contracts, surged by over 54% in a single day, reaching a new high of over $1 billion. Interestingly, most traders are betting on DOGE's continued upward momentum.

Initially conceived as a joke in 2013, Dogecoin's community is renowned for engaging in philanthropic initiatives, such as supporting charitable causes. The cryptocurrency gained widespread attention in 2014 after raising over $25,000 worth of DOGE to fund the Jamaican bobsleigh team's participation in the Winter Olympics in Sochi.