The world’s largest meme coin Dogecoin may witness a doubling up in its price and achieve a new milestone. Memes coins have been on fire since the beginning of this year, and this is just another example of the meme coin revolution, it seems.
You may have also read about the other examples of the meme coin realm. It was just recently that a patient long term investor made millions from thousands worth of Shiba Inu investments and before that another investor turned a millionaire with his thousands worth PEPE investment. All this has got the DOGE investors’ hopes real high.
Why is there a prediction that the price of the Dogecoin is about to shoot up? Who all think so? If that’s the case, is it the right time to invest in Dogecoin? Does it mean that the demand for this meme coin is about to hike in the market? Let us find out.
Dogecoin Price Doubling Up?
The latest reports suggest that Dogecoin is about to witness a 100% price hike. This prediction was made by Ali Martinez, a prominent crypto analyst.
Martinez let out his thoughts via his X account. His post doesn’t only mention this, it also has the details of what the coin had to go through to get to this and also about the fate of the coin if this happens. Let us dive deeper.
Why Does Martinez Think The DOGE Price May Double Up?
Martinez explained that the current resistance of Dogecoin was between 0.166 US dollars and 0.171 US dollars. This is significant resistance and there are already 75,500 addresses that have acquired approximately 10 billion DOGE tokens.
Martinez went on that Dogecoin demonstrates the potential to break out from this range. He truly believes that the DOGE is capable of reaching another point and should not be confined in this. What Martinez thinks is that DOGE could reach 0.322 US dollars. He referred to this as a key resistance that the crypto would face.
Martinez further predicted that Dogecoin was all set to make a parabolic move, an upward one indicating a crucial growth. For that to happen DOGE should first break out from its current resistance range. When we look at the total number of investors that hold DOGE has bought the crypto above this level ($0.322).
In fact, the number of these holders are more than enough to send down the values of DOGE. It may happen even if a different sell off wave takes place for the crypto. This price suppression is possible even if Dogecoin manages to achieve a breakout ranging above the 0.171 US dollars threshold.
Why Has The DOGE Price Been Low For A While Now?
Still a question remains which asks us the reason for DOGE’s price not being able to have a bullish run for the past while. Martinez explained this was because of the continuous selling pressure that these holders exert on the crypto.
He was referring to those who have bought the crypto between the 0.166 US dollars and 0.171 US dollars range. The token holdings reaching around 10 billion represents a key percentage of the total circulating supply of the meme coin. This is the exact reason why the sell orders of the crypto and the investors have a huge influence on the price of DOGE.
Martinez And His DOGE Predictions
This is not the first time Martinez is making predictions on meme coins and it is definitely not the first time he is forecasting about DOGE. Previously, he has predicted that the price of Dogecoin may hit the 1 USD threshold by April 2024.
He predicted this is March 2024. His 1 USD prediction however just stayed as a prediction and did not really take place. Although, it was later revealed that achieving this price was not a never happens event for Doge and also that it was marked in the charts of the coin. However there needed to be a greater bullish run for this to take place.
Who Else Thinks DOGE May Hit $1?
Another interesting fact is that Ali Martinez is not the only one who thinks like this about Dogecoin. There are other analysts who also think that DOGE has a huge potential.
Mag, another crypto analyst, has recently made a similar prediction. Mag said that DOGE was poised for a price explosion of about 700%. And if that happens the price of the crypto may reach around 1.7 US dollars.
However one thing that is sure from Mag’s price prediction is that, DOGE is sure to achieve its 1 USD threshold sooner
