Memecoins
Dogecoin Price Could Hit $2 With Memecoin Supercycle, Analysts Say
Since the beginning of June, the price of DOGE has been on a downward slide, losing over 21% of its value. While Dogecoin has yet to reach its previous best, the current decline has pushed the value well below the $0.15 average it has maintained for months. Meanwhile, the Dogecoin Price The stock price dropped to $0.1157 before attempting a recovery in recent days. It has jumped more than 6% over the week, including a 2% increase today, taking the stock to $0.1247.
Investors are therefore expecting a full uptrend to recover the ongoing losses. However, they could get even more as some analysts have predicted that the price of Dogecoin will climb between $1 and $2 in the coming days.
Dogecoin Price to Hit $2 with Memecoin Spercycle, Kaleo Says
Popular pseudo-anonymous crypto analyst Kaleo recently predicted that Dogecoin’s price would surpass $1, due to the ongoing Memecoin supercycle. He began his article by explaining that people considered Dogecoin boring due to its sideways momentum over the past nine and a half years. But he pointed out that DOGE’s one-year price surge offered gains of over 6,000%, followed by another 30,000%.
Dogecoin has been trading sideways since hitting the all-time high of $0.7376 on May 8, 2021, but it’s interesting to note that the charts saw two similar sideways moves before the all-time high. Each of them took at least 8-9 months afterward Bitcoin Halving to climb in value, and now, with two months to go since the 2024 halving, we can expect a similar rally for December-February.
However, he mentioned seeing a pullback to 8-9 cents before seeing an upward trend similar to February. Overall, Kaleo outlined his expectations that dogecoin would turn bullish like others Meme parts. But he also accepted the long wait before the price of DOGE climbs to $2.
For those of you saying DOGE is boring, you are mostly right.
It spent about 9.5 years of its existence moving sideways or down. The next year? It had a period where it was up about 6,000% from the lows and another where it was up over 30,000%.
THE… pic.twitter.com/523tqCMBdC
— KALEO (@CryptoKaleo) June 25, 2024
What would happen if this prediction came true?
Despite its popularity, Dogecoin has failed to deliver profitable value this year, with the exception of its slight rise to $0.2201 in April 2024. This is the best value it has had in 2.5 years, shattering investors’ expectations of a rise to a new all-time high. If Kaleo’s prediction comes true, Dogecoin’s price will surpass the current ATH target twice, pushing it to new extremes. Currently, Dogecoin is the 9th largest cryptocurrency due to its market cap of $18,071,403,749, which comes after multiplying its current price of $0.1247 by its circulating supply of 144,925,186,384 DOGE.
If the price of DOGE rose to $1, the market cap would become 144,925,186,384, surpassing Attached in this list, which comes in third place in the ranking. People who would have invested $100 in Dogecoin today would have about $801 if the price became $1, obtaining 8X profits. And, if the price became $2, the market capitalization of DOGE would reach about 579,700,745,536, beating the second largest cryptocurrency in the market, EthereumA $100 investment would turn into $1,600, offering 16X gains in this meme coin.
Final Thoughts
Dogecoin price has the potential to rise as high as Kaleo predicts due to You’re here accept it as payment and rumors that X would do the same. However, this has never happened before, so there are significant doubts.
Moreover, Dogecoin has a huge circulating supply, which affects price stability. Let’s not forget that Dogecoin is a meme coin, whose trend falls and rises easily, which affects its performance. Even if Dogecoin reached such a high, it would be short-lived, like its current ATH peak.
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