Dogecoin is already shaping up to be a good meme coin play in the next bull market after rallying 100% in one week. Given this performance, there has been a lot of bullishness surrounding the meme coin with expectations of higher prices. One of those who expect the meme coin to do well during this time is crypto analyst Altcoin Sherpa, who believes that Dogecoin still has a lot of runway left.
Dogecoin Still Has A Lot Of Firepower
In a post on X (formerly Twitter), crypto expert Altcoin Sherpa revealed their bullish expectation for Dogecoin to their over 210,000 followers. Sherpa points out a number of factors that will continue to drive the DOGE price, pushing it above $1.
One of the factors identified that could trigger this run is the support that the meme coin continues to get from billionaire Elon Musk. Although Musk has not been as vocal about his support for the meme coin in recent times as he has in the past, he has not wavered either, with the Dogecoin symbol still remaining on his X (formerly Twitter) bio.
Next, the crypto analyst explains that DOGE remains the king of the meme coins and that plays into its bullish narrative. Sherpa believes that a Dogecoin investment is a relatively safe trade when compared to others. He also highlights that the meme coin could do a couple of Xs from its current price.
Looking at the DOGE chart, Altcoin Sherpa points out that the price had “chopped for 650” before its breakout. However, now that it has broken out, they see $0.20 and $0.35 as the next possible stops for the price.
Temper Expectations For DOGE
While the crypto analyst is inherently bullish on Dogecoin, he also manages expectations for the price. He points out that investors should not expect the same returns for DOGE as they did back in 2021 because the market cap is already high.
Furthermore, when it comes to choosing to invest in Dogecoin over other coins, the analyst explains that it ultimately comes down to how much risk an investor can take. “Whether it’s better to long this or other memes, it really depends on your risk tolerance. It’s the same as you deciding to long ETH (relatively safe) vs. something riskier like $NEON (or similar coin). Lots of factors for you to think about,” Altcoin Sherpa stated.
As for when the DOGE price might see an explosion to $0.35, the crypto expert says the timeline is unclear. “I have no idea. Could be now, could be 6 months from now,” he said.
DOGE price at $0.16 | Source: DOGEUSDT on Tradingview.com
Featured image from Moneycontrol, chart from Tradingview.com