The number one meme coin in the cryptocurrency world, DOGE, has always attracted investors’ interest. Elon Musk‘s past open support and constant rumors about its involvement in payment systems with X position DOGE in a unique spot. Consequently, analysts’ attention naturally shifts towards DOGE. One of the closely followed analysts in the cryptocurrency world has expressed views indicating a potential rise in Dogecoin (DOGE).
Analyst’s Dogecoin Commentary
One of the leading analysts in the cryptocurrency world, Kaleo, shared his views on X. The analyst, perhaps predicting market conditions, suggested that Dogecoin could explode by 700% to 1,500% from its current level.
I still believe we are in a meme coin super cycle and will see DOGE sent to $1 – $2. History tells us that we likely have some time to prepare before this happens.
As of the time of writing, an analysis of DOGE’s price and market shows its value at $0.1236 after a 0.33% drop in the last 24 hours. Additionally, its market trading volume reached $17.9 billion.
On the other hand, the 24-hour trading volume increase was notable. DOGE’s trading volume rose above $588 million after a 12% increase.
When Will DOGE Rise According to the Analyst?
Kaleo also commented on the potential date when Dogecoin might rise and shared his views:
Each of these moves took about eight to nine months before starting to rise after previous Dogecoin rallies and Bitcoin halvings. Currently, only two months have passed since the last Bitcoin halving. Keeping this in mind, a real breakout/expansion movement is more likely to occur around December – February.
However, the analyst also made a bearish prediction, stating that Dogecoin’s price could potentially drop by 36% before the mentioned rise:
Considering this, it wouldn’t surprise me to see the current uptrend pull back to the eight to ten cent range and retrace the move from around $0.09 to $0.22 we saw in February. A similar trend break with about a 30% drop and pullback occurred in August 2020, a few months before DOGE went mainstream and gigasending began.
