After a strong performance last week, Dogecoin (DOGE) faced a slight pullback due to broader market volatility, mainly driven by Bitcoin’s fluctuating price.
Notably, DOGE surged to $0.47 on Saturday, marking its highest level since May 2021. This spike followed a month-long rally, during which the coin experienced an incredible 165% gain. This surge has solidified DOGE’s place among the top 10 cryptocurrencies by market capitalization. DOGE’s market cap currently stands at $58.6 billion, surpassing well-established companies like Ford, Porsche, Adidas, and Delta Airlines.
The meteoric rise of DOGE highlights the growing influence of meme coins in the crypto landscape. With its market value exceeding those of major corporations, some investors are taking DOGE more seriously. The coin’s loyal community and endorsements from high-profile figures like Elon Musk are often cited as key drivers behind its success.
Notably, the momentum behind DOGE remains strong. According to crypto analytics firm Cryptoquant co-founders, retail investors are increasingly jumping on the DOGE bandwagon, with retail trading activity hitting an all-time high. In a Wednesday tweet, the analysts noted that retail investors are more interested in meme coins than Bitcoin.
Sentiment around DOGE remains positive, further buoyed by developments such as the launch of the world’s first Dogecoin ETP, which gives Swedish investors regulated exposure to the memecoin via the Spotlight Stock Market. This innovation is expected to fuel more bullish sentiment.
Looking ahead, analysts are predicting continued growth for DOGE. Cryptosahintas, a popular figure in the crypto community with over 222,000 followers on X (formerly Twitter), shared a chart forecasting a potential 525% rally for DOGE from its current levels. His analysis suggested that DOGE could repeat its historical market moves after recently breaking out of a triangle consolidation pattern.
Meanwhile, analyst Master Kenobi shared a multi-year price channel, noting he believes DOGE is poised to reach a new all-time high (ATH) around December 2, 2024. Drawing comparisons to past cycles, he pointed out that massive price moves, such as the breakout from the green trendline to the orange one, have occurred twice before. Kenobi projects that DOGE could reach as high as $1.08, with a possible target of $2.90, placing his conservative estimate between $1.40 and $1.45.
At press time, DOGE was trading at $0.4033, marking a 1.28% increase over the past 24 hours. However, analyst Ali Martinez warned that the price is currently at a critical resistance level. He said a sustained breakout above $0.40 could push the price to $0.43. On the other hand, if DOGE fails to surpass the $0.40 resistance, it may face a pullback, with potential drops to $0.36 or even $0.34.