Dogecoin is already shaping as much as be a superb meme coin play within the subsequent bull market after rallying 100% in a single week. Given this efficiency, there was quite a lot of bullishness surrounding the meme coin with expectations of upper costs. A kind of who count on the meme coin to do properly throughout this time is crypto analyst Altcoin Sherpa, who believes that Dogecoin nonetheless has quite a lot of runway left.
Dogecoin Nonetheless Has A Lot Of Firepower
In a put up on X (previously Twitter), crypto skilled Altcoin Sherpa revealed their bullish expectation for Dogecoin to their over 210,000 followers. Sherpa factors out numerous components that can proceed to drive the DOGE value, pushing it above $1.
One of many components recognized that might set off this run is the assist that the meme coin continues to get from billionaire Elon Musk. Though Musk has not been as vocal about his assist for the meme coin in current instances as he has up to now, he has not wavered both, with the Dogecoin image nonetheless remaining on his X (previously Twitter) bio.
Subsequent, the crypto analyst explains that DOGE stays the king of the meme cash and that performs into its bullish narrative. Sherpa believes {that a} Dogecoin funding is a comparatively secure commerce when in comparison with others. He additionally highlights that the meme coin may do a few Xs from its present value.
Trying on the DOGE chart, Altcoin Sherpa factors out that the value had “chopped for 650” earlier than its breakout. Nevertheless, now that it has damaged out, they see $0.20 and $0.35 as the subsequent potential stops for the value.
Mood Expectations For DOGE
Whereas the crypto analyst is inherently bullish on Dogecoin, he additionally manages expectations for the value. He factors out that traders shouldn’t count on the identical returns for DOGE as they did again in 2021 as a result of the market cap is already excessive.
Moreover, in the case of selecting to spend money on Dogecoin over different cash, the analyst explains that it in the end comes all the way down to how a lot danger an investor can take. “Whether or not it’s higher to lengthy this or different memes, it actually is dependent upon your danger tolerance. It’s the identical as you deciding to lengthy ETH (comparatively secure) vs. one thing riskier like $NEON (or related coin). Numerous components for you to consider,” Altcoin Sherpa acknowledged.
As for when the DOGE value may see an explosion to $0.35, the crypto skilled says the timeline is unclear. “I don’t know. May very well be now, could possibly be 6 months from now,” he mentioned.
