27 May 2024
Crypto analyst Mags has raised the possibility of Dogecoin (DOGE) recording a 700% price surge that will send it above $1. The analyst’s prediction follows a recent recovery in Dogecoin’s on-chain metrics, which paint a bullish picture for the meme coin.
Dogecoin About To Go Parabolic
Mags remarked in an X (formerly Twitter) post that Dogecoin is about to go parabolic. He claims that the foremost meme coin will make a 700% move in this cycle as it rises above $1.
The analyst is known to have rightly called Dogecoin just before it recorded a 170x price increase in the last bull cycle. Mags also revealed that he has been accumulating DOGE for the past few months and is ready for the 7x return he will gain if Dogecoin were to make this move.
A 700% increase in Dogecoin’s price from its current level would mean the meme coin would rise to as high as $1.17. This aligns with other predictions made by crypto analysts, like Ali Martinez, who says that Dogecoin can rise to $1 in this market cycle. Meanwhile, crypto analyst Capt Toblerone has given a more bullish prediction, stating that Dogecoin could make a 1,300% rally and rise to as high as $1.5.
However, unlike Mags, Capt Toblerone predicts that Dogecoin will still experience a 30% price crash and drop to around $0.108 before it makes this parabolic move to the upside. Meanwhile, it is worth noting that some of Dogecoin’s on-chain metrics are again in the green, presenting a bullish outlook for the foremost meme coin.
Data from the market intelligence platform IntoTheBlock shows that Dogecoin whales are actively accumulating the meme coin with a 2.64% in large transactions over the last few days. The Bid-Ask Volume Imbalance has also turned bullish for Dogecoin. However, those looking to invest in DOGE might have to be cautious, given that most holders are currently in the money (in profits).
This could lead to a wave of sell-offs, which could cause Dogecoin’s price to dip momentarily. Such dip undoubtedly provides the perfect entry for those looking to invest in the meme coin.
A DOGE ETF Could Be On The Cards
Market experts continue to raise the possibility of a Dogecoin exchange-traded fund (ETF) coming into existence. Bloomberg analyst James Seyffart recently discussed the possibility of a Dogecoin ETF being one of the next crypto funds to launch following the approval of the Spot Ethereum ETFs.
Crypto venture capitalist (VC) Andrew Kang also boldly claimed that “the odds for a DOGE ETF look brighter than ever.” He made this assertion while alluding to the regulatory clarity that the crypto industry in the US will gain if the Financial Innovation and Technology for the 21st Century (FIT21) bill eventually gets enacted.
Launching a Dogecoin ETF can help drive the meme coin’s price to $1 or even higher, given how the Spot Bitcoin ETFs contributed to Bitcoin’s rise to a new all-time high (ATH) in March.