- Dogecoin has erased one zero from its price and top analyst predicts a breakout.
- The DOGE-1 moon mission and market sentiment are among the events shaping the coin’s DOGE.
Dogecoin (DOGE), the meme-inspired cryptocurrency, is ready for a major breakout, according to a well-known expert. The expert, renowned for insights shared on the Crypto Capital Venture YouTube channel, has pointed to a series of compelling metrics suggesting that Dogecoin is on the verge of a substantial rally.
Notably, DOGE is currently trading at $0.1027 having cleared one zero as price soared by 12.94% in the past 24 hours. Furthermore, the market cap exceeds $14.5 billion, with a trading volume of more than $2 billion, signaling the projected rally might be underway.
Factors Fueling the Analyst Dogecoin’s Bullish Insight
One key metric highlighted by the analyst is the fact that 65% of Dogecoin wallet addresses are currently profitable, indicating a bullish sentiment among investors. Moreover, there has been a notable uptick in Dogecoin holding addresses, with an impressive 50,000 increase over the past 30 days. These metrics are seen as indicative of strengthening fundamentals and emphasize the belief that Dogecoin remains undervalued.
Accordingly, the analyst has set a short-term price target of 16 cents, projecting a nearly 100% rally from the current levels of around 9 cents. This target is grounded in the expert’s earlier call this year when he disclosed purchasing a significant amount of Dogecoin at approximately 6 cents.
Adding to the optimistic outlook is the upcoming Doge-1 satellite launch. Notably, the Doge-1 satellite mission has recently received crucial approval from the National Telecommunications and Information Administration (NTIA), paving the way for the mission’s final Federal Communications Commission (FCC) license which has also been bagged.
The mission is set to launch in January 2024, with the Dogecoin logo set to orbit the moon and broadcast advertisements to Earth from space. This ambitious project adds a unique and positive dimension to Dogecoin’s community powers and ultimately, its future potential.
Additional catalysts contributing to the positive sentiment surrounding Dogecoin include the overall enthusiasm in cryptocurrency markets, especially with Bitcoin’s recent move above $42,000. Currently, Bitcoin is trading at $43,918, up 5.6% per our data. The analyst suggests that as Bitcoin consolidates, Dogecoin is poised to “steal the show” and outperform other cryptocurrencies.
Dogecoin’s Historical Performance and Market Position
As highlighted in an earlier report, Dogecoin’s strength is evident in its exceptional historical performance, particularly during the bull run of 2021, where it recorded a staggering 65,393% upside.
In comparison to meme coin counterparts like Shiba Inu and Floki, Dogecoin has shown resilience and outperformed, with a 21.60% increase this year. The cryptocurrency’s close correlation with Bitcoin, reflected in a correlation coefficient of 0.91 according to Macroaxis, could prove pivotal, especially with Bitcoin’s upcoming halving in 2024 and the potential approval of a Bitcoin Exchange Traded Fund (ETF).
Intriguingly, there is growing discussion about the inclusion of Dogecoin in Tesla’s Cybertruck payment choices. The Tesla code base contains over 50 references to Dogecoin, raising hopes that Elon Musk’s company might allow Dogecoin payments for the Cybertruck.
Although neither Tesla nor Elon Musk have publicly verified this integration, the speculation aligns with Musk’s liking for Dogecoin and adds credence to its potential application in real-world transactions.
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