Hold On To Your Dogecoin: It'll Be The 'First Meme Coin To Reach $100B Market Cap,' Says Trader

Crypto trader Jake Gagain shared a bullish perspective on Dogecoin DOGE/USD, advising a follower to hold onto his substantial investment in the meme coin.

What Happened: Gagain's tweet on April 8 narrates an encounter with a partygoer in Los Angeles seeking advice on their Dogecoin holdings.

The individual, who had invested $600,000 in the meme coin in 2020 and did not cash out at the 2021 all-time high, expressed concern about its future.

The heavily-followed trader suggested not selling the investment until the upcoming Bitcoin halving. He estimates an all-time high in 12-16 months from now, albeit accompanied by market volatility.

Gagain forecasts Dogecoin to become the first meme coin to reach a market capitalization of $100 billion, saying: “His $600,000 today will probably be worth $2 million+ in 2025. I told him to diamond-hand as that is what I would do. Hopefully, this turns into reality".  

Also Read: Dogecoin Crosses $0.20 Mark On 3.4% Gain And Chart Gives Trader ‘Unrealistically Bullish Hopium’

Why It Matters: Gagain’s tweet reflects a bullish stance on DOGE, a cryptocurrency that has seen significant fluctuations since its inception. Over the past month, the meme coin leader is up 12%.

IntoTheBlock data shows a 47.6% surge in large transaction volume and a 13.6% increase in daily active addresses over the past 24 hours. Transactions over $100,000 spiked to 881 as of April 8, up from 702 as of April 7.

Comparing Dogecoin to Bitcoin, cryptocurrency trader MaxBecauseBTC noted that Dogecoin increased its market share after Bitcoin entered price discovery in the last cycle, making it the altcoin “king.”

The top chart is $Doge dominance & the bottom chart is $BTC.

Look at what happened last cycle when #Bitcoin went into clear price discovery!… $Doge.D became a much larger % of the total crypto asset class.

From a fractal perspective, things look incredibly similar. Both last… pic.twitter.com/OaN8uN152j

— Max (@MaxBecauseBTC) April 8, 2024

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Dogecoin ‘Running The Cycle Of 7 Years,’ Says Trader: ‘We Won’t Believe Doge Will Be $2, $9 & $40’

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