Dogecoin not too long ago jumped to the $0.2 degree for the primary time since November 2021 amidst a month of remarkable bullish worth motion. Notably, DOGE is at present up by 128% this month and 97% up to now seven days, giving DOGE holders one thing to be completely satisfied about. In keeping with a crypto analyst, this worth surge is predicted to proceed and go parabolic to the $1 mark on this market cycle.
Dogecoin Set To Carry out Exceptionally Effectively
Present market dynamics and bullish sentiment have seen DOGE capturing up in market capitalization after an prolonged consolidation interval. A latest surge previous the $0.20 worth degree noticed DOGE briefly overtaking Cardano and leaping as much as the eighth place in market cap rankings.
In a publish shared on social media platform X, a crypto analyst often known as Altcoin Sherpa, famous this latest surge as an indication of higher issues to return on this cycle. Whereas the analyst didn’t give a specific worth level, he famous {that a} $1 worth per Dogecoin wouldn’t be too stunning.
$DOGE: A number of notes on this one- -Its going to go to loopy #s this cycle, I don’t know what. $1 wouldn’t truthfully shock me.
-Chart itself appears good, consolidated for like 600 days.
-Given the general mc, this one is NOT going to present you as huge of positive factors as… pic.twitter.com/ifNdTGCr9L
Feb 29, 2024
Interestingly, the $1 level would mean a ride to uncharted territory for DOGE, as 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 as well as 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 among meme coins.
Meme Coins Continue To Shine
The meme coin market has grown significantly since the early days of DOGE’s creation, which started out as a joke. Since then, tons of meme coins have been created, but Dogecoin continues to solidify its position as the largest meme coin in terms of market cap, demonstrating signs of renewed enthusiasm every so often.
At 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 10% increase in the past 24 hours.
Other meme coins are also witnessing strong interest. According to Santiment, SHIB, PEPE, FLOKI, and BONK have seen an increase of over 3,000% in trading volume in the past week. The on-chain analytics platform credits the increase in trading volume to surging prices and increased crowd interest.
SHIB, PEPE, FLOKI, and BONK are up by 277%, 256%, 204%, and 145% respectively in the past seven days, outperforming DOGE during the time frame.
