Dogecoin not too long ago jumped to the $0.2 stage for the primary time since November 2021 amidst a month of distinctive bullish value motion. Notably, DOGE is at present up by 128% this month and 97% up to now seven days, giving DOGE holders one thing to be completely satisfied about. In line with a crypto analyst, this value surge is anticipated to proceed and go parabolic to the $1 mark on this market cycle. 

Dogecoin Set To Carry out Exceptionally Nicely

Present market dynamics and bullish sentiment have seen DOGE taking pictures up in market capitalization after an prolonged consolidation interval. A latest surge previous the $0.20 value stage noticed DOGE briefly overtaking Cardano and leaping as much as the eighth place in market cap rankings. 

In a publish shared on social media platform X, a crypto analyst referred to as Altcoin Sherpa, famous this latest surge as an indication of higher issues to come back on this cycle. Whereas the analyst didn’t give a selected value level, he famous {that a} $1 value per Dogecoin wouldn’t be too stunning.

$DOGE: A number of notes on this one-
-Its going to go to loopy #s this cycle, I don’t know what. $1 wouldn’t truthfully shock me.

-Chart itself seems to be good, consolidated for like 600 days.

-Given the general mc, this one is NOT going to present you as huge of good points as… pic.twitter.com/ifNdTGCr9L

— Altcoin Sherpa (@AltcoinSherpa) February 29, 2024

Curiously, the $1 stage would imply a journey to uncharted territory for DOGE, because the crypto is but to cross above $0.8. A surge to $1 would imply a 465% surge from the present value stage and previous its present all-time excessive of $0.74.

The analyst famous that he doesn’t anticipate DOGE to carry out in addition to different meme-inspired cryptocurrencies with decrease market caps like WIF, PEPE, and BONK, however its deep liquidity supplies extra of a steady funding. He additionally famous that DOGE and SHIB will most likely take turns main good points amongst meme cash.

Meme Cash Proceed To Shine

The meme coin market has grown considerably because the early days of DOGE’s creation, which began out as a joke. Since then, tons of meme cash have been created, however Dogecoin continues to solidify its place as the biggest meme coin when it comes to market cap, demonstrating indicators of renewed enthusiasm sometimes.

On the time of writing, DOGE is buying and selling at $0.18. Knowledge from Coinglass exhibits that the open curiosity on DOGE futures contracts is now at $1.62 billion, a 10% improve up to now 24 hours. 

Different meme cash are additionally witnessing robust curiosity. In line with Santiment, SHIB, PEPE, FLOKI, and BONK have seen an improve of over 3,000% in buying and selling quantity up to now week. The on-chain analytics platform credit the rise in buying and selling quantity to surging costs and elevated crowd curiosity.

📈 #Memecoins, significantly these which have been trending over the previous week, have skyrocketed in buying and selling quantity as a result of surging costs and elevated crowd curiosity. On common, $SHIB, $PEPE, $FLOKI, and $BONK has seen quantity rise +3,000% up to now week. https://t.co/MMHxbMotu0 pic.twitter.com/AiIaEbgGIz

— Santiment (@santimentfeed) March 4, 2024

SHIB, PEPE, FLOKI, and BONK are up by 277%, 256%, 204%, and 145% respectively up to now seven days, outperforming DOGE throughout the time-frame. 

DOGE bulls maintain up value | Supply: DOGEUSD on Tradingview.com