Dogecoin Keeps Rising as Analyst Targets $0.3 with Dogecoin20 Also Bullish
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Dogecoin has found steadfast support at $0.2 after a meteoric rise catapulted it 20% in the last seven days.
While the leading meme coin looks bullish, the new ICO Dogecoin20 is also causing a ruckus after raising over $10 million in seven days. Will this be the next meme coin to explode?
Parabolic Run in Sight for Dogecoin, According to Traders
Flip-flop price action has swamped Dogecoin today, with its price bouncing from $0.2 to highs of $0.22 but then retesting the $0.2 mark again.
However, analysts believe its future is overarchingly bright, with its March monthly close being its most bullish since shortly before its 2021 ATH.
Renowned market commentator Rekt Capital discussed the monthly close, suggesting a close above $0.2 could result in an uptick toward $0.3.
Leading up to the monthly close, he wrote, “Only a couple of days remain until the new monthly candle closes. Will DOGE do it? Will Dogecoin manage to reclaim the red $0.20 level as new support to confirm further upside towards the $0.30+ area?”
Dogecoin closed the month at $0.218, setting a bullish precedent for its near-to-mid-term trajectory.
“DOGE did it. That’s a bullish monthly candle close,” said the analyst in a follow-up tweet on Monday.
Similarly, Ali Martinez, who goes by Ali_Charts on X, backs Dogecoin for success in the coming months. The analyst snubs other recent meme coin trends, suggesting that Dogecoin is the most important meme crypto on the market.
Martinez wrote, “I feel my fellow degens have been distracted with the new shiny meme coins, but Dogecoin remains the most important altcoin in this sector.”
He continued, “From a technical perspective, DOGE mirrors the 2018-2021 pattern. If so, DOGE could be at the very beginning of a massive parabolic bull run!”
While the analyst did not explicitly provide price targets, he drew a chart path with DOGE pushing to $12. This would represent a staggering 5,900% increase from its current price.
With its current market cap at $29 billion, gains of this magnitude seem closer to a fantasy than reality. However, such optimism from leading analysts illustrates the immense support behind DOGE.
Meanwhile, Dogecoin-related crypto Dogecoin20 is also gathering pace. The project raised over $10 million in its first seven days of presale and now eyes its IEO on Doge Day.
Trending Stake-to-Earn Dogecoin20 Raises Over $10M
While retaining Dogecoin’s memetic excitement and “Do Only Good Every Day” ethos, the new ICO Dogecoin20 retrofits the legacy meme coin with new innovations, better aligning it with current market dynamics.
When Billy Markus and Jackson Palmer jokingly launched Dogecoin in 2013, nobody expected it to become the global icon that it is today. As such, there are dents in its armor and room for improvement. Enter: Dogecoin20.
Ushering in a novel Stake-to-Earn mechanism, Dogecoin20 boasts innate utility and allows holders to compound their investment while securing and stabilizing the network.
They can currently garner a 70% APY, but this will decrease as more tokens are staked.
In addition, Dogecoin20 introduces a capped supply of 140 billion tokens. This follows Bitcoin’s “sound money” approach, helping to stave off inflation and price dilution.
In comparison, Dogecoin holds an infinite supply, rendering it a less effective long-term store of value.
Meanwhile, Dogecoin20’s proximity to the market leader provides instant recognisability and is a central reason behind its unwavering presale success.
The project will launch on exchanges on 4/20 (Doge Day), leaving just 19 days for market participants to buy $DOGE20 at its fixed presale price.
