Since the inception of meme coins, DOGE has remained at the top, with investors dreaming of it reaching $1. Despite market uncertainties, analysts maintain optimistic views on DOGE, the only meme coin openly supported by Elon Musk. The fluctuating price movements of DOGE continue, leaving the future uncertain.
Analyst’s DOGE Commentary
A cryptocurrency analyst shared a bullish outlook on Dogecoin (DOGE) as the meme coin’s price continues to consolidate. Notable for his analyses, Altcoin Sherpa stated on YouTube that DOGE could experience a surge, potentially reaching $0.50.
However, the analyst also emphasized market capitalization. According to the analyst, DOGE’s relatively high market cap could hinder upward price movements. Nonetheless, he added that DOGE might outperform other competitors like Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF).
I actually think DOGE will eventually test some of these high levels. I believe $0.35 to $0.40 is definitely possible. It might even rise to $0.50. However, DOGE might face issues due to its large size… retail participants might find DOGE too expensive in terms of market cap and prefer betting on something like Pepe or WIF or Bonk, or other large-cap memes with ample liquidity but greater upside potential. So, DOGE might have such a problem.
The analyst noted that DOGE’s overall outlook is normal and that the meme coin might consolidate around $0.12 before a potential rise:
You know, it still looks pretty good… I think DOGE will just hover around but eventually, it will be quite good.
How Much is 1 Doge Worth?
DOGE’s price has dropped by 1.76% in the last 24 hours. This decline contributed to a weekly drop of over 14%. After the drop, the price settled at $0.1125. Considering DOGE’s all-time high (ATH) of $0.7376, the current level is 84.79% below the ATH.
DOGE’s market cap fell to $16.4 billion, significantly down from the recent $19 billion level. Meanwhile, trading volume increased by 11%, surpassing $880 million.
