Dogecoin, Beyond $1 to $2?...Analyst "2,000% Return is Coming"

▲ Dogecoin (DOGE)/ChatGPT generated image

An analysis suggests that for Dogecoin (Dogecoin, DOGE) to break through $1 again, a bullish market where it regains dominance in the memecoin market is essential.

According to NewsBTC, a cryptocurrency media outlet, on April 14 (local time), virtual asset analyst Crypto Patel diagnosed that for Dogecoin to rise beyond $1 to a maximum of $2, the virtuous cycle structure of the memecoin market must first be restored. He emphasized that the trend seen in 2021, when it surged from under $0.03 to over $0.7 with the support of Elon Musk, needs to be replicated.

The market had previously anticipated that a Dogecoin spot ETF would act as an upward catalyst, but the actual response was limited. As a result, investors' attention is shifting back to memecoin season. Memecoin season refers to a phase where speculative funds flow into the overall market, led by Dogecoin, and price increases spread. In 2021, Dogecoin led the surge, triggering a rally in major memecoins like Shiba Inu (Shiba Inu, SHIB).

Recently, in the market, funds have been dispersed into new Solana-based memecoins, weakening Dogecoin's influence. This has made it difficult for Dogecoin to surpass its previous all-time high, and some investor interest has also waned. The analysis suggests that for Dogecoin to create a strong upward trend again, a structure where funds reconverge around Dogecoin, as in the past, is necessary.

Crypto Patel predicted that if such an environment is created, Dogecoin could rise from a minimum of $1 to a maximum of $2. This represents an upside potential of approximately 1,000% to 2,000% compared to the current price. Dogecoin still maintains a strong community base as a representative asset in the memecoin market.

Dogecoin has now entered a phase of preparing for its next surge within a sideways trading range. It is evaluated that a strong upward trend could begin the moment it regains market dominance.

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