Dogecoin's 23% Monthly Gains Steels Trader's 'Insanely High Conviction' DOGE Will Outpace Bitcoin

Dogecoin DOGE/USD gears up for a breakout as cryptocurrency analyst CryptoKaleo predicts a surge beyond Bitcoin’s BTC/USD gains.

What Happened: CryptoKaleo shared his bullish outlook on Dogecoin in his Monday tweet, saying "The secret about Dogecoin is – it moves sideways for extended periods, followed by rapid, vertical growth." He emphasized his high conviction that Dogecoin will outpace Bitcoin, stating, "We're in a meme super cycle. The king of memes won't be left behind."

$DOGE / $BTC

The secret about Dogecoin is – it moves sideways for extended periods, followed by rapid, vertical growth.

As bullish as I am on Bitcoin, I have an insanely high conviction DOGE will outpace it.

We're in a meme super cycle. The king of memes won't be left behind. pic.twitter.com/e6VMNlOrEZ

— K A L E O (@CryptoKaleo) June 3, 2024

He highlights his belief in the cyclical nature of Dogecoin’s price movements and its potential for significant growth.

In another tweet, Kaleo reminded the crypto community that Dogecoin started surging immediately after GameStop hit its peak in early 2021. Praising meme coins and wishing long live for them he stated, "If this morning's GameStop move leads to new highs, DOGE season might actually be around the corner."

Price Action: In the past 24 hours, DOGE is up 1.8% at $0.1617, with monthly gains at 23% exceeding Bitcoin's 17% price gain. GameStop meme coin's surge currently stands at 225% in the past 24 hours.

Also Read: Solana’s Answer To Dogecoin Is Correcting But Analyst Says It Could Be Confirmation That Bonk Has More Upside (CORRECTED)

Why It Matters: CryptoKaleo’s bullish stance on Dogecoin aligns with recent sentiments expressed by other traders. For instance, cryptocurrency trader Altcoin Sherpa recently touted Dogecoin as one of the safest bets for traders, predicting it could reach 40 cents. He cited retail interest, potential tweets from Elon Musk, and the coin's liquidity as key factors.

Additionally, popular analyst Michael van de Poppe noted that Dogecoin is "the easiest play" and predicted it would "2x instantly" once it starts moving. He pointed to the surge of rival meme coins like Shiba Inu and Floki, suggesting a potential for a price rally fuelled by FOMO (Fear Of Missing Out).

CryptoKaleo’s tweet adds to the growing optimism around Dogecoin’s potential for significant gains, especially in the context of the current meme coin market dynamics.

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

Read Next: Elon Musk Expresses Surprise At Deepfake YouTube Video Aimed At Scamming Bitcoin, Ethereum, and Dogecoin Holders

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock