Dogecoin recently-Its going to go to crazy #s this cycle, I don’t know what. $1 wouldn’t honestly surprise me.
-Chart itself looks good, consolidated for like 600 days.
-Given the overall mc, this one is NOT going to give you as big of gains as… pic.twitter.com/ifNdTGCr9L
— Altcoin Sherpa (@AltcoinSherpa) February 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.
???? #Memecoins, particularly those that have been trending over the past week, have skyrocketed in trading volume due to surging prices and increased crowd interest. On average, $SHIB, $PEPE, $FLOKI, and $BONK has seen volume rise +3,000% in the past week. https://t.co/MMHxbMotu0 pic.twitter.com/AiIaEbgGIz
— Santiment (@santimentfeed) March 4, 2024
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.
DOGE bulls hold up price | Source: DOGEUSD on Tradingview.com
Featured image from StormGain, chart from Tradingview.com
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Author: Scott Matherson
