Dogecoin was one of the best-performing cryptocurrencies during the last crypto bull market. If top crypto analysts are right, it could replicate its explosive performance once again in 2024.
Popular trader and meme coin enthusiast Cold Blooded Shiller, who has over 263k followers on X, believes that the Dogecoin price could reach $4.20 in this bull market.
Process:
— Cold Blooded Shiller (@ColdBloodShill) March 28, 2024
– $DOGE reaches $1
– People take profit
– Shorts begin to open
– Funding goes negative and rises
– Shorts get farmed and propel price upwards
– People realise they fucked up and FOMO back in
– $4.20
Study commonly shared price targets phenomena. https://t.co/v2fxruce8d
Another analyst Cephii, who has over 76k X followers, is even more bullish on Doge, projecting the meme coin to reach anywhere from $1.50 to $10 in the coming months.
However, a new successor to Dogecoin is already on the market, with tremendous hype surrounding it. Dogecoin20 – an ERC-20 version of Doge – has raised over $10 million in its presale and is set to launch on Doge Day. Analysts believe that this new meme coin could offer 100x returns.
Dogecoin Price To $4? How High Can It Go?
Dogecoin has already displayed part of its breakout potentially over the past month, rallying 62% in the past 30 days. $DOGE is currently trading at $0.207 with a market capitalization of just under $30 billion.
Several factors have contributed to the meme coin’s surge in value – Coinbase Derivatives is launching Dogecoin Futures trading from April 1st while Elon Musk has reaffirmed his support for the cryptocurrency.
Musk has revealed that $DOGE payments could soon be accepted for Tesla EVs, leading the bulls to speculate that the top meme coin could even be a part of the X (formerly Twitter) payment system.
Despite a slight correction on Sunday, the Dogecoin price continues to trade above the $0.19 support level. A monthly close above this level could result in a strong Doge rally in April, something that many experts have been projecting.
Popular analyst Ali Martinez even predicted the Dogecoin price to hit $1 in April, considering the meme coin replicated the exact same pattern it did in 2020 before showcasing a 28,770% rally. A break out from a descending triangle, consolidation and then the parabola to new all-time highs.
This may sound wild, but if history is any guide, #Dogecoin $DOGE could hit $1 by mid-April! pic.twitter.com/UAgldPcDbh
— Ali (@ali_charts) March 8, 2024
The aforementioned trader Cold Blooded Shiller reveals that traders will likely engage in profit-taking and opening short positions on Dogecoin after it reaches $1. However, he believes that the investors will eventually FOMO back in, leading the price to $4.20.
Could Dogecoin20 Outperform Dogecoin This Bull Run?
It is important to note that most experts project Dogecoin to hit its new cycle top at $1, owing to its high market capitalization. Indeed, for $DOGE to hit the $4.20 price target, it would need to reach a market capitalization of $630 billion.
Moreover, investors buying Dogecoin today would only enjoy 21x returns in this extremely bullish scenario. On the other hand, new meme coins such as Dogecoin20 could offer higher returns, owing to their relatively lower valuation.
For instance, analysts such as Jacob Bury believe that DOGE20 could offer up to 100x returns after its launch.
Dogecoin20 is a new and more sustainable version of the OG Doge, featuring in-demand concepts such as on-chain staking and community-centric tokenomics. The new crypto coin has already raised over $10 million in its ICO and is set to launch on Doge Day, April 20th.
Analysts have highlighted the project’s lucrative staking rewards as one of the reasons behind its early demand. Even presale buyers can stake their holdings and earn passive income, currently at an APY of over 70%. Dogecoin20 – unlike Dogecoin – also has a fixed token supply, which effectively prevents any inflation.
Interested buyers have less than 20 days to buy DOGE20 at its discounted presale price, after which it will launch on the top DEXs.
