Dogecoin Price To Attempt $2 With With Memecoin Supercycle Says Analysts
Release: 2024/07/01 21:49 Reading: 392
Dogecoin Price Outlook
Since early June, Dogecoin's price has been on a downward trend, losing over 21% of its value. Despite some earlier underperformance, the current decline has pushed the value significantly below its $0.15 average maintained for several months. During this period, Dogecoin's price dropped to $0.1157 before attempting a recovery in recent days. It has gained over 6% during the week, including a 2% increase today, bringing its value to $0.1247.
Investor Expectations and Predictions
Investors anticipate a complete uptrend to recoup recent losses. However, they may experience even greater gains as some analysts predict a surge in Dogecoin's price to between $1 and $2 in the coming days.
Kaleo's Prediction
Kaleo, a popular pseudonymous crypto analyst, has recently predicted that Dogecoin's price could rise above $1 due to the ongoing "Memecoin Supercycle." According to Kaleo, Dogecoin's sideways movement over the past nine and a half years has led to it being perceived as boring. However, he highlights that in the previous year, DOGE's price has surged by over 6000%, followed by another 30,000% increase.
Historical Patterns and Cycle
Dogecoin has been trading sideways since reaching its all-time high of $0.7376 on May 8, 2021. Interestingly, the charts had two similar sideways movements before the all-time high. Each of these took approximately 8-9 months after a Bitcoin halving to experience significant value growth. Given that two months have passed since the 2024 halving, a similar rally could occur from December to February.
Potential Pitfalls
Kaleo acknowledges the possibility of a pullback to 8-9 cents before an uptrend similar to the one seen in February. Overall, Kaleo expects Dogecoin to follow the bullish trend of other meme coins but acknowledges the potential for a long wait before reaching $2.
Market Cap and Investment Returns
Dogecoin currently ranks as the 9th largest cryptocurrency with a market capitalization of $18,071,403,749, calculated by multiplying its current price of $0.1247 by its circulating supply of 144,925,186,384 DOGE.
If DOGE's price were to reach $1, its market cap would surpass Tether, which currently ranks third. An investment of $100 in Dogecoin today would yield approximately $801 if the price reached $1, resulting in an 8X profit. If the price reached $2, DOGE's market cap would rival Ethereum, the second largest cryptocurrency. A $100 investment would become $1600, representing a 16X gain.
Conclusion
Dogecoin's price has the potential to rise to the levels predicted by Kaleo, given Tesla's acceptance of Dogecoin as payment and rumors of other companies considering similar moves. However, such a surge has never occurred before, raising significant doubts.
Additionally, Dogecoin's large circulating supply may hinder price stability. As a meme coin, Dogecoin's price is also susceptible to rapid fluctuations in popularity, which could impact its performance. Even if Dogecoin were to reach these high levels, it is likely to be short-lived, similar to its previous ATH peak.
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