Prominent crypto founder MaxBecauseBTC predicts a bullish future for Dogecoin DOGE/USD, which could potentially propel other altcoins higher, despite the meme coin’s current struggle to maintain its uptrend.
What Happened: In a recent tweet, MaxBecauseBTC shared an observation about the relationship between the Others/BTC pair and Dogecoin, explaining that when the top chart rises, altcoins are outperforming Bitcoin, and vice versa.
He noted that during the last cycle, just before Dogecoin went parabolic, the Others/BTC pair experienced a dip after a steady upward trend, and he believes the current situation mirrors that scenario.
“I don’t think this time is any different. I expect big things for the King memecoin & I expect it to translate over into even bigger gains for most other altcoins,” MaxBecauseBTC stated.
Crypto analyst Ali Martinez highlights that the Dogecoin chart is “consolidating after breaking out from a descending triangle,” and he forecasts the meme coin to “rocket towards $1 in the coming weeks.”
Also Read: Dogecoin Rebounds To $0.15, Daily Active Addresses Spike 14%
Why It Matters: After the highly anticipated DOGE Day event on April 20, Dogecoin prices peaked at the $0.16 mark. However, the past two-day gains stand at 5%, which was lower than expected.
IntoTheBlock data shows that Dogecoin’s large transaction volume expanded by 6.3% to 1.19 billion, while holders’ balances saw a marginal increase of 0.05% to 11.46 billion.
MaxBecauseBTC’s prediction could indicate a potential surge in the value of altcoins, given the historical performance of Dogecoin. His analysis suggests that altcoins could see significant gains if Dogecoin, often referred to as the “King memecoin,” performs well.
These observations provide valuable insight for investors and traders in the crypto market, who often look to historical trends and patterns to predict future market movements.
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.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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