With a 100% gain in just one week, Dogecoin already looks like a solid meme currency investment for the upcoming bull market. With anticipation of increased pricing, there has been a lot of bullishness surrounding the meme currency due to its performance. Crypto expert Altcoin Sherpa, who feels that Dogecoin still has a lot of runway left, is among many who anticipate the meme coin to perform well during this period.
Dogecoin Is Still Very Powerful
Crypto specialist Altcoin Sherpa shared their optimistic outlook for Dogecoin with their over 210,000 followers via a post on X (previously Twitter). Sherpa identifies several elements that will keep driving the price of DOGE upward past $1.
$DOGE: Some random notes on this one:
-I think that this does something stupid, like go to $1+ or something. It’s got too much firepower w. elon and is still king meme.
-When this happens? I have no idea. Could be now, could be 6 months from now.
-It wont give you the same… pic.twitter.com/BRYPxxZipM
— Altcoin Sherpa (@AltcoinSherpa) March 6, 2024
The billionaire Elon Musk’s continued support for the meme coin is one of the causes highlighted as potentially starting this run. Musk has continued to support the meme coin, even though he hasn’t been as outspoken about it as he once was. The Dogecoin sign remains on his X (previously Twitter) bio.
The cryptocurrency researcher says that DOGE continues to rule the meme space, supporting its optimistic storyline. Compared to other trades, Sherpa thinks investing in Dogecoin is a comparatively secure option. He also emphasizes how the meme coin’s price might increase by several multiples of its current value.
Altcoin Sherpa notes that the price had “chopped for 650” before its breakout while examining the DOGE chart. They believe that $0.20 and $0.35 are the price’s next potential stops now that it has broken out.
Temporary DOGE Expectations
The crypto expert controls expectations for the price even if he is naturally optimistic about Dogecoin. He argues that because of DOGE’s already significant market capitalization, investors shouldn’t anticipate the same returns as they did in 2021.
Moreover, the expert clarifies that an investor’s decision to invest in Dogecoin over other coins ultimately depends on their tolerance for risk. It truly depends on your risk tolerance as to whether it is preferable to long this or other memes. It is akin to investing in ETH, a relatively safe asset, as opposed to a riskier option like $NEON or a comparable coin. Many things to consider, according to Altcoin Sherpa.
The cryptocurrency analyst thinks it’s uncertain regarding the potential date of the DOGE price spike to $0.35. “I’m not sure. It might happen right now or in six months,” he stated.
