Dogecoin recently jumped to the $0.2 level for the first time since November 2021 amidst a month of exceptional bullish price motion. Notably, DOGE is currently up by 128% this month and 97% to this point seven days, giving DOGE holders something to be glad about. In accordance with a crypto analyst, this price surge is anticipated to proceed and go parabolic to the $1 mark on this market cycle.
Dogecoin Set To Perform Exceptionally Well
Current market dynamics and bullish sentiment have seen DOGE popping up in market capitalization after an prolonged consolidation period. A recent surge past the $0.20 price level saw DOGE briefly overtaking Cardano and jumping as much because the eighth position in market cap rankings.
In a post shared on social media platform X, a crypto analyst generally generally known as Altcoin Sherpa, noted this recent surge as a sign of upper things to can be found on this cycle. While the analyst didn’t give a selected price point, he noted that a $1 price per Dogecoin wouldn’t be too surprising.
$DOGE: Several notes on this one-
-Its going to go to crazy #s this cycle, I don’t know what. $1 wouldn’t truthfully surprise me.
-Chart itself looks good, consolidated for like 600 days.
-Given the overall mc, this one is NOT going to give you as big of gains as… pic.twitter.com/ifNdTGCr9L
— Altcoin Sherpa (@AltcoinSherpa) February 29, 2024
Interestingly, the $1 level would mean a ride to uncharted territory for DOGE, since the crypto is yet to cross above $0.8. A surge to $1 would mean a 465% surge from the current price level and past its current all-time high of $0.74.
The analyst noted that he doesn’t expect DOGE to perform along with other meme-inspired cryptocurrencies with lower market caps like WIF, PEPE, and BONK, but its deep liquidity provides more of a stable investment. He also noted that DOGE and SHIB will probably take turns leading gains amongst meme coins.
Meme Coins Proceed To Shine
The meme coin market has grown significantly since the early days of DOGE’s creation, which began off as a joke. Since then, tons of meme coins have been created, but Dogecoin continues to solidify its position as the most important meme coin in the case of market cap, demonstrating signs of renewed enthusiasm once in a while.
On the time of writing, DOGE is trading at $0.18. Data from Coinglass shows that the open interest on DOGE futures contracts is now at $1.62 billion, a ten% increase to this point 24 hours.
Other meme coins are also witnessing strong interest. In accordance with Santiment, SHIB, PEPE, FLOKI, and BONK have seen an increase of over 3,000% in trading volume to this point week. The on-chain analytics platform credits the rise in trading volume to surging prices and increased crowd interest.
📈 #Memecoins, particularly those which have been trending over the past week, have skyrocketed in trading volume on account of surging prices and increased crowd interest. On average, $SHIB, $PEPE, $FLOKI, and $BONK has seen volume rise +3,000% to this point 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 to this point seven days, outperforming DOGE through the time-frame.
DOGE bulls delay price | Source: DOGEUSD on Tradingview.com
Featured image from StormGain, chart from Tradingview.com
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