Dogecoin Heading To $0.30? 'Good One If You Want To Capture Some Of The Meme Mania,' Top Trader Says

Dogecoin's DOGE/USD chart patterns and increasing bullish sentiment fueled by former President Trump prompted traders to predict a price rally.

What Happened: Prominent trader Altcoin Sherpa sees Dogecoin as a great coin to own, even though its returns will not be the same as the last cycle. He added that it is good for traders investing with size that want to capture some of the meme mania. He predicts more a price above $0.50 in the upcoming 6-12 months.  

Crypto trader Poseidon sees $0.30 on the horizon for Dogecoin:

$DOGE D1

Daily ema50-200 started to squeeze into each other again, this will lead to expansion.

$0.3 on the horizon, dog lovers. pic.twitter.com/2SZzbGYdVI

— Poseidon (@CryptoPoseidonn) July 29, 2024

Trader Dentoshi previewed Dogecoin’s price action for the upcoming week, stating, "If we're really getting back to ‘easy mode', setups like this should be exactly that: Easy.”

Price Action: In the past 24 hours, DOGE is up 2% to $0.1335. The apex meme coin is up 8% over the past 30 days.

Also Read: Dogecoin’s First Weekly Golden Cross In Four Years Is ‘2-3 Green Weeks Away’

Why It Matters: Elon Musk, considered a supporter of Dogecoin, said at a recent podcast with Tesla Owners Silicon Valley that he is not promoting crypto, but he believes Bitcoin and some other cryptos have some merit. However, he added that he has a soft spot for Dogecoin since he likes dogs and memes.

IntoTheBlock data shows large transaction volume expanded by 5.5% to $1.15 billion, while daily active addresses remained relatively flat at around $43,000. Exchange netflows dropped by 161.5%. In the past seven days, transactions greater than $100,000 remained at $1.93 billion.

Bitinfocharts data reflects that 1.5 billion DOGE, worth $210 million, were transferred in the past 24 hours.  

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:

• Is Dogecoin Really Moving ‘According To Plan?’ Prominent Analyst Claims: ‘I Haven’t Sold One Single DOGE, I’ve Just Been Buying’

Image: Shutterstock