Cryptocurrency analysts have been keeping a close eye on the performance of Dogecoin (CRYPTO:DOGE), the popular meme coin, following the great interest generated by the new meme tokens.
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What happened
According to the on-chain analyst Ali Martinez“I think my fellow degens have been distracted by the shiny new meme coins, but Dogecoin remains the most important #altcoin in this space.”
Further analyzing price movements and market behavior, Martinez noticed a sense of déjà vu with the original meme coin’s chart patterns. Martinez added: “From a technical perspective, DOGE appears to mirror the 2018-2021 model. If so, DOGE could be at the start of a huge parabolic bull run!”
Another analyst, known for his altcoin predictions, agrees with the positive sentiment on DOGE. The analyst, who goes by the name Bluntz, said that Dogecoin’s price activity could echo a similar pattern to that of Bitcoin (CRYPTO:BTC) in early 2023, when Bitcoin rebounded from a low around $16,000.
Bluntz tweeted: “What if? DOGE”.
Meanwhile, echoing similar sentiments, Altcoin analyst Sherpa has predicted a substantial surge in the price of Dogecoin DOGE, estimating a possible increase of over 200% from its current value.
“DOGE: It’s still a very good long-term investment, to be honest. And by long term I mean more than six months. It will do something crazy this cycle and from here on out it should be at least a 3x-plus (maybe more). It has been accumulating for 700 days, is still the go-to meme for all cryptocurrencies, and is very ‘safe’ given the market cap/liquidity/etc,” they wrote on X.
Because it is important
The data of Coinglass point to a spike in open interest in DOGE futures, which topped $2 billion on Sunday.
The meme coin, which often reacts to news about payments integration by companies owned by Elon Musk, has seen increased speculation from the Dogecoin community. Discussions have reached an all-time high regarding the potential use of DOGE within Musk’s businesses, especially after the entrepreneur’s acquisition of Company X in 2021 and his public endorsement of the coin.
Dogecoin price
At the time of writing, DOGE is trading at $0.21, up 6.56% in the last 24 hours.
