Dogecoin Poised For 700% Explosion To $1.17 Amid Recovery In Major Metrics
May 27 2024 - 5:00PM
NEWSBTC
Crypto analyst Mags has raised the possibility of Dogecoin (DOGE)
recording a 700% price surge that will send it above $1. The
analyst’s prediction follows a recent recovery in Dogecoin’s
on-chain metrics, which paint a bullish picture for the meme
coin. Dogecoin About To Go Parabolic Mags remarked in an X
(formerly Twitter) post that Dogecoin is about to go parabolic. He
claims that the foremost meme coin will make a 700% move in this
cycle as it rises above $1. Related Reading: Why Did CORE Price
Surge 20% While The Crypto Market Dumped? The analyst is known to
have rightly called Dogecoin just before it recorded a 170x price
increase in the last bull cycle. Mags also revealed that he has
been accumulating DOGE for the past few months and is ready for the
7x return he will gain if Dogecoin were to make this move. A
700% increase in Dogecoin’s price from its current level would mean
the meme coin would rise to as high as $1.17. This aligns with
other predictions made by crypto analysts, like Ali Martinez, who
says that Dogecoin can rise to $1 in this market cycle. Meanwhile,
crypto analyst Capt Toblerone has given a more bullish prediction,
stating that Dogecoin could make a 1,300% rally and rise to as high
as $1.5. However, unlike Mags, Capt Toblerone predicts that
Dogecoin will still experience a 30% price crash and drop to around
$0.108 before it makes this parabolic move to the upside.
Meanwhile, it is worth noting that some of Dogecoin’s on-chain
metrics are again in the green, presenting a bullish outlook for
the foremost meme coin. Data from the market intelligence
platform IntoTheBlock shows that Dogecoin whales are actively
accumulating the meme coin with a 2.64% in large transactions over
the last few days. The Bid-Ask Volume Imbalance has also turned
bullish for Dogecoin. However, those looking to invest in DOGE
might have to be cautious, given that most holders are currently in
the money (in profits). This could lead to a wave of sell-offs,
which could cause Dogecoin’s price to dip momentarily. Such dip
undoubtedly provides the perfect entry for those looking to invest
in the meme coin. A DOGE ETF Could Be On The Cards Market
experts continue to raise the possibility of a Dogecoin
exchange-traded fund (ETF) coming into existence. Bloomberg analyst
James Seyffart recently discussed the possibility of a
Dogecoin ETF being one of the next crypto funds to launch following
the approval of the Spot Ethereum ETFs. Related Reading:
Bitcoin Price Enters Make Or Break Zone: Analyst Reveals Important
Levels To Watch Crypto venture capitalist (VC) Andrew Kang also
boldly claimed that “the odds for a DOGE ETF look brighter than
ever.” He made this assertion while alluding to the regulatory
clarity that the crypto industry in the US will gain if the
Financial Innovation and Technology for the 21st Century (FIT21)
bill eventually gets enacted. Launching a Dogecoin ETF can
help drive the meme coin’s price to $1 or even higher, given how
the Spot Bitcoin ETFs contributed to Bitcoin’s rise to a new
all-time high (ATH) in March. Featured image created with
Dall.E, chart from Tradingview.com
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