Dogecoin (DOGE) Price: Top Trader Reveals What to Expect from Leading Meme Coin
Release: 2024/08/20 02:09 Reading: 489
Cover Image Credit: U.Today
According to the pseudonymous cryptocurrency trader KALEO, Dogecoin's price movements are likely to remain subdued in the coming months.
KALEO predicts a period of "death by boredom" due to declining market volatility. He anticipates DOGE trading within a range of $0.085 to $0.11 until market conditions improve.
CoinGecko data places Dogecoin in 10th position by market capitalization, with a valuation of approximately $14.8 billion.
Another anonymous cryptocurrency analyst, GalaxyTrading, believes that DOGE will play a significant role in the future as an indicator for the broader cryptocurrency market.
Currently, the cryptocurrency market is underperforming, with Bitcoin (BTC) below $60,000. However, volatility may increase following a speech by Federal Reserve Chair Jerome Powell at Jackson Hole on Friday. Powell is expected to provide insights into the Fed's planned interest rate decisions.
In 2021, Dogecoin experienced a significant surge when US interest rates were extremely low. It reached its all-time high of $0.73 in early May 2021.
Subsequent rate hikes by the Fed in 2022 have adversely affected risky assets like cryptocurrencies.
Earlier this year, meme coins saw a brief revival when the Federal Reserve kept interest rates near zero. However, established players like Dogecoin experienced limited gains compared to newer meme coins like Dogwifhat (WIF) and those associated with celebrities.
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