Dogecoin Price Prediction: Millionaire Trader Sees DOGE Hitting $2 Soon
Today, the Dogecoin price has experienced a slight pullback amidst broader market growth, with meme coins up an average of 0.4%.
Despite this, one expert predicts a potential rise to $2 for Dogecoin.
Over the past 24 hours, the Dogecoin price has decreased slightly by 0.55%, down to $0.124198.
This disrupts Dogecoin’s modest weekly gain of 0.27%, which, while positive, is disappointing compared to the substantial gains experienced by other major meme coins.
Despite Dogecoin experiencing a decline of 23.68% this month, it has delivered an annual return of 98.42% so far this year, which is lower compared to the performance of many other top cryptocurrencies.
Despite this “boring” price action, some experts believe it is gearing up for a substantial rally.
Millionaire Trader Sees $2 Dogecoin Price Soon
Millionaire trader Kaleo recently shared a bullish outlook for dogecoin on X, predicting an upcoming rally that could see prices break to a new all-time high.
He noted that the Dogecoin price has been trending sideways or down for around 9.5 years of its existence. Outside of this, It had one run that pumped around 6000% from the lows and another that pumped more than 30,000%.
In light of these two cycles, Kaleo believes we may be gearing up for Dogecoin’s next rally. Notably, the duration it has moved sideways since the last all-time high is within a similar range to its previous two sideways ranges before breaking out.
He highlighted how each of the respective moves took around 8-9 months post-bitcoin halving before they began to pump. Currently, we are 2 months past the last Bitcoin halving, given the trend persists, Dogecoin should see a rally by December- February.
For those of you who say DOGE is boring – for the most part, you're right.
It's spent ~9.5 years of its existence trending sideways or down. The other 1 year? It had one run that pumped ~6000% from the lows and another that pumped more than 30,000%.
The… pic.twitter.com/523tqCMBdC
— K A L E O (@CryptoKaleo) June 25, 2024
However, in the meantime, Kaleo believes Dogecoin price may break lower back to the $0.08-0.010 range, in a retracement from the February move-up. This comes in line with past cycles.
A similar trend break with a ~30% drawdown and retrace happened in August of 2020, several months before the beginning of DOGE “going mainstream and gigasending.”
Low-Cap Meme Coin With Higher Gains Potential
If the Dogecoin price were to reach the optimistic case of $2, it would represent a 15x increase. Although undeniably substantial, it is in question whether this is realistically possible given Dogecoin’s already substantial $18B market cap.
Although history can provide guidelines, the meme coin game has changed. The best meme coin opportunities leverage real utility on top of a strong community.
Therefore, traders eager to capitalize on the heightened meme coin activity may find opportunities in newer low-cap meme coins ready for explosive growth.
Enter PlayDoge ($PLAY), the latest meme coin capturing the attention of meme fans, gamers, and crypto enthusiasts.
Introducing #PlayDoge – the only #P2E Doge companion! 🐶
Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY. 💰
Don't neglect your doge, his life's on the line 😲💀
Join the #Presale Now ⬇️https://t.co/JT0VEofqf2 pic.twitter.com/RoJYXLS1FH
— PlayDoge (@PlayDogeGame) June 3, 2024
The meme coin market is over-saturated with Shiba Inu-themed coins boasting little to no real utility. In contrast, PlayDoge stands out by focusing on gaming utility.
It transforms the iconic Doge meme into a play-to-earn Tamagotchi-style virtual pet, tapping into 90s nostalgia. This unique approach may credit $PLAY’s recent success, raising over $5M in its presale so far.
PlayDoge will enable players to earn rewards by nurturing their pets and taking them on adventurous journeys. Timely feeding, training, and sleep all contribute to the rewards earned by the conscientious pet owner.
Leveraging the global appeal of the beloved Doge meme and the industry valued at $20B according to CoinMarketCap data, the growth potential is substantial.
And with the fixed presale price increasing every few days, if you want to make the most of this opportunity you need to act now.
Keep in touch with project developments by joining the community on X and Telegram.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
