Pseudonymous cryptocurrency analyst Kaleo suggested that Dogecoin DOGE/USD has more room to grow.
What Happened: Kaleo in a tweet on X said, "Just a reminder anon – $DOGE has plenty more left in the tank."
At the time of reporting, Dogecoin’s trading price stands at $0.19, bringing its market capitalization to $25.9 billion, a 100% climb over the past week.
The chart shared by Kaleo shows that Dogecoin has more potential than its current value, predicting that it will reach as high as $0.67.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Last week, Kaleo expressed a steady confidence in the meme coin. The analyst tweeted, “Slowly but surely the dog will continue to run.”
This comes as Dogecoin has seen a spike in public interest, surpassing its rival Shiba Inu SHIB/USD in Google Trend searches.
Data from Google Trends shows that interest in Dogecoin soared, hitting a score of 76, while interest in Shiba Inu lagged at a score of 30.
Another pseudonymous crypto analyst Altcoin Sherpa, also shared an optimistic stance on Dogecoin, suggesting a strategy for potential investors. “Its not a very creative or fast trade but $doge is eventually going to do crazy #s this cycle. It won’t outperform other memes given MC but you probably make 4x your money if you buy and sell on the giga pump. Buy now and go into a coma and sell when this moons.”
The rise in Dogecoin's price comes with an all-time high in futures open interest, reaching $1.4 billion.
Price Action: At the time of writing, DOGE was trading at $0.18, up 10.03% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
