As a seasoned analyst with over a decade of experience in the crypto industry, I’ve seen my fair share of trends come and go. From the early days of Bitcoin to the rise (and fall) of ICO mania, I’ve learned to approach each new development with a cautious yet curious eye.
Meme-themed coins have dominated the crypto industry for years, which began with Dogecoin, Shiba Inu, and many others, but now new tokens like Dog (Runes) are taking over. 2024 has officially become the year of meme coins, where this category is offering heavy gains. Just recently, a crypto trader made $12.45 Million from $1300 within just 15 days after he invested in a newly launched Mood Deng token. However, that is not the only case, as hundreds of these cryptos are rising with profits. Based on this, one crypto expert has forecasted the future of DOG, where it will surpass $750 Million in market capitalization.
Dog (Runes) Market Cap To Double With The Next Candle
In just a few short months, the Runes token has rapidly grown in popularity among investors. Its association with the Bitcoin Blockchain and Dog-themed meme coins has proven profitable. This has caught the attention of many cryptocurrency experts, particularly as a bull market approaches, leading them to endorse this digital token.
According to crypto specialist MadPunk’s latest post on X, Runes is considered top-notch in comparison to Bitcoin, with a strong likelihood that its market capitalization will surge towards $750 Million – nearly double its current value of $398,973,299. He also mentioned an increasing trend in the popularity of Bitcoin meme tokens, as previously, TRON and Solana meme coins held the majority share in the market.
As a crypto investor, I firmly believe that RUNES is the most exciting development for BTC since Ordinals. The surge in memecoins on the world’s leading blockchain has been nothing short of remarkable, and DOG•GO•TO•THE•MOON is a prime example, demonstrating remarkable resilience. With the potential for another significant price increase, this memecoin could reach a market cap of $750 million, propelling it to new heights.
Study Convictions. Study RUNES.…
— MadPunk (@MadpunkCalls) September 30, 2024
With Bitcoin’s price holding steady above $60,000 at $63,365 due to increased market support, associated Bitcoin tokens are also experiencing a surge. This uptick has prompted analysts like MadPunk and others to predict even higher prices for this token, which is currently trending on X with over 26,500 posts using the DOG hashtag.
Will Its MarketCap Hit $750 Million?
Over the past few days, the price of DOG has seen a significant surge, climbing by 56% within just one week and an impressive 91% over two weeks. At present, it is being exchanged at $0.003961, with a market capitalization and trading volume of approximately $398 million and $6.9 million respectively. This positive trend has yielded profits for numerous investors.
From my analysis perspective, while I’ve observed significant gains over the past two weeks, there’s been a notable 7% drop today that has raised some concerns among holders. This dip appears to be due to the token experiencing overbuying, as suggested by the high readings on the Commodity Channel Index (CCI) and momentum technical indicators. These high readings often signal consolidation, which seems to be the current trend given the recent rally.
As an analyst, I find myself observing a situation where the recovery from consolidation remains uncertain, but the high demand for this token is evident from other indicators. If the price surges past its initial resistance at $0.003848 and moves towards the second resistance at $0.005002, I foresee an ongoing uptrend. Moreover, with October being a historically strong month for cryptocurrencies and the market rally in full swing, this token could potentially reach a market capitalization of $750 Million.
Furthermore, the price and market capitalization of Dog have reached or even exceeded previous highs, with an all-time high (ATH) of $0.009774 and $962.17M around four months back. This suggests a potential increase towards $750 million, though not necessarily right away.
Final Thoughts
Regardless of Dog (Runes)’s subpar showing today, investors remain optimistic about this token because of its impressive two-week surge, increasing its value by 91%. Although it has dropped nearly half of its peak gains, which worries some, MadPunk, a renowned crypto analyst, predicts that the market cap could reach $750 Million if the upcoming candle is significant. Furthermore, with just one day left in Uptober, excitement is building for every cryptocurrency.
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2024-09-30 14:56