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Dogecoin is already shaping as much as be a superb meme coin within the subsequent bull market after a 100% surge in a single week. Given this efficiency, there was quite a lot of bullishness concerning the meme coin with the expectation of upper costs. A type of who expects the meme coin to carry out nicely throughout this time is crypto analyst Altcoin Sherpa, who believes that Dogecoin nonetheless has quite a lot of runway left.
Dogecoin nonetheless has quite a lot of firepower
In a publish on X (previously Twitter), crypto knowledgeable Altcoin Sherpa revealed his optimistic hopes for Dogecoin to his over 210,000 followers. Sherpa factors to a number of elements that may proceed to drive the worth of DOGE and push it above $1.
One of many recognized elements that might speed up this pattern is the assist that meme cash are receiving from billionaire Elon Musk. Though Musk hasn't been as vocal about his assist for the meme coin in latest days as he was prior to now, he hasn't wavered both, with the Dogecoin image nonetheless remaining on his X (previously Twitter) bio.
Subsequent, the crypto analyst factors out that DOGE stays the king of meme cash and this performs a job in its bullish narrative. Sherpa believes that Dogecoin investing is a comparatively secure enterprise in comparison with others. He additionally highlighted that the meme coin may do some X from its present value.
Wanting on the DOGE chart, Altcoin Sherpa factors out that the worth “minimize to 650” earlier than the breakout. Nevertheless, now that this has been damaged, they see $0.20 and $0.35 as the following potential stops for the worth.
Expectations for DOGE
Whereas the crypto analyst is of course bullish on Dogecoin, he additionally manages expectations for the worth. He factors out that traders shouldn’t anticipate the identical returns for DOGE as they did in 2021 because the market cap is already excessive.
Moreover, on the subject of investing in Dogecoin in comparison with different cash, analysts level out that it in the end will depend on how a lot danger an investor can take. “Whether or not it's higher to go lengthy on this or different memes actually will depend on your danger tolerance. It's such as you determine to be lengthy ETH (comparatively secure) vs one thing dangerous like $NEON (or related coin). There are quite a lot of elements so that you can contemplate,” stated Altcoin Sherpa.
As to when DOGE value may rise to $0.35, crypto knowledgeable says timeline is unclear. “I don't know. It might be now, it might be six months from now,” he stated.
DOGE value at $0.16 | Supply: DOGEUSDT on Tradingview.com
Featured picture from Moneycontrol, chart from tradingview.com