Crypto expert Ali Martinez recently shed light on the market doldrums haunting Dogecoin (DOGE) and sent ripples of anticipation among hopeful investors by suggesting that this could possibly pave the way for a generous opportunity to buy into the preeminent meme coin before it potentially bounces back.
Speaking his mind on a social media platform, Martinez compared the current pessimistic perspective surrounding Dogecoin to its condition in the initial days of February. Drawing attention to factors such as Dogecoin’s social volume and weighted sentiment, the crypto expert indicated a prevailing negative perception about the meme coin.
Under scrutiny is Dogecoin’s social volume, a metric that measures the frequency of the crypto token’s discourse across social platforms. The observed slump in Dogecoin’s social volume reflects a shift in traders’ focus towards other meme coins. That’s far from surprising considering that Dogecoin’s price has been treading water for some time now, while meme currencies like Dogwifhat (WIF) and Pepe (PEPE) have marked noticeable advances.
Delivering a glimmer of hope, Martinez forecasted an imminent bullish rebound for Dogecoin. Back in February, in the throes of a similarly pessimistic climate, Dogecoin’s price made a stunning recovery, surging more than 200%. The cryptoverse’s biggest players, Dogecoin’s whales, appear to have seized this opportune climate for buying into the meme coin on a large scale.
Martinez disclosed that these big-ticket investors have swelled their portfolios with an additional stash of 700 million Dogecoins ($112 million), augmenting it by another 200 million coins since May 30. This buying spree underscores the speculative anticipation around a potential leap in Dogecoin’s value.
Another crypto analyst Altcoin Sherpa stoked the air of optimism around Dogecoin, hypothesizing that its value could reach up to $0.40. He credited this prediction to retail investors steadily expanding their own holdings of the meme coin. Sherpa additionally touched upon influential tycoon Elon Musk’s sway over Dogecoin, suggesting that a single tweet from Musk could potentially skyrocket its value. He proceeded to laud Dogecoin for the advantage of “great liquidity/low downside” it offers in comparison to other meme coins.
Adding another layer to the speculation, Crypto Kaleo projected an upbeat future for Dogecoin. He drew parallels between the meme coin’s substantial ascend in 2021 after GameStop’s shares soared, predicting that history could repeat itself with Dogecoin rallying after GameStop peaks in the market.
Providing more food for thought, Kaleo expressed confidence in Dogecoin’s potential to surpass Bitcoin in this cycle. He regarded Dogecoin’s current price action as normal, indicating that it typically endures prolonged periods of stagnation, before erupting into exponential growth. He finished his forecast by pointing out the current market’s meme supercycle, remarking that the “king of memes” Dogecoin should not be underestimated.
As of this moment, updates from CoinMarketCap show Dogecoin trading around $0.15, experiencing a slight dip of over 2% during the last 24 hours. Amid the uncertainties, investors are keeping a keen eye on the trajectory of this meme coin, with the hope that the reward will be worth the current market ebbs.
