After Bitcoin‘s halving event, there’s renewed excitement among Dogecoin supporters about reaching their long-held goal of $1. For years, there have been numerous speculations and predictions regarding the potential price surge of Dogecoin, but a recent interview with Hundal has introduced a new perspective.
So, what is coming next? $1 or a collapse? Let us discuss that in this blog.
Dogecoin Price Analysis
Currently, the cost of Dogecoin is approximately $0.1515, representing a 3.18% increase over the past week. Yet, there’s been a significant decrease of over 6% from its previous day’s price. The market capitalization for DOGE currently hovers around $21.82 billion. This decline appears to be linked to a broader market downturn, as the global market cap has fallen by more than 3%.
It’s worth noting that the popularity of the meme coin continues unabated, with trading activity jumping by over 24% – resulting in a significant volume of $1,427,505,924.
In March, just like other cryptocurrencies, Dogecoin experienced price increases and reached a peak of $0.2201. However, it fell short of reaching the coveted $1 mark. The highest value Dogecoin has ever attained in the past decade was only $0.73, leaving a significant gap of about 36% between its current price and the desired goal.
Has the goal become a reality or merely excitement, this is no longer a simple query as investors have long anticipated its fulfillment.
Pav Hundal Calls $1 Dogecoin Price Crapshoot
Pav Hundal, an analyst at Swyftx exchanges, expressed caution regarding Dogecoin’s price trend in a recent discussion. He pointed out that many Dogecoin investors are eagerly waiting for a small price increase to sell their coins and realize some gains. These investors have held onto Dogecoin since its peak in 2021 and are currently facing losses due to the low Dogecoin prices.
Any surge in price that may come up could be dampened due to a possible sell-off, resulting in the price remaining close to its average value.
If many of these individuals choose to cash out early during this phase, there’s a good chance that selling intensity will significantly increase. In simpler terms, it’s unpredictable and risky if most people opt for immediate gains.
Based on Hundal’s report, the value of unsettled future contracts (OI) has decreased from $2.15 billion at the beginning of the month to $928.72 million, suggesting a decrease in derivatives market activity.
Crypto Analysts Validate the Dogecoin Hype
Despite Hundal’s recent perspective on Dogecoin’s pricing, analyst Rekt Capital remains optimistic about the coin’s demand. According to Rekt Capital, reaching a dollar in value is a realistic goal during this market cycle.
Lately, a post from a pseudonymous trader named Blockchainmaneofficial on the X platform has attracted notice due to his May predictions for Dogecoin. Based on his post, Dogecoin typically achieves remarkable growth in May, with an average increase of 85% and even reaching as high as 535%.
In simpler terms, May has historically been a strong month for Dogecoin, with an average increase of 85% and a record high of 535%. I’m hoping to see a rebound from its current price level.
— Blockchainmaneofficial (@blockchain_mane) April 23, 2024
Conclusion
In the ongoing debate about Dogecoin’s price, the meme cryptocurrency has experienced a slight dip. Despite Elon Musk’s backing, there is anticipation that the halving event could lead to greater gains. Let’s see if Dogecoin’s future worth aligns with these predictions.
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2024-04-25 11:18