Dogecoin Price To Attempt $2 With With Memecoin Supercycle Says Analysts

Since the beginning of June, DOGE’s price has been on a downtrend, losing more than 21% in value. Though Dogecoin was not performing at its best even before, the current decline has pushed the value way down the average of $0.15 it has maintained for months. During this time, the Dogecoin price went down to $0.1157 before attempting a recovery in the last few days. It has surged more than 6% over the week, out of which a 2% hike today, bringing the value to $0.1247.

With this, the investors are expecting a complete uptrend to recover the ongoing losses. However, they might get even more as a few analysts have predicted of Dogecoin price to surge between the $1-$2 mark in the upcoming days.

Dogecoin Price To Hit $2 With Memecoin Spercycle, Says Kaleo

Kaleo, the popular pseudo-anonymous crypto analyst, has recently predicted the Dogecoin price to surge beyond $1, because of the ongoing Memecoin Supercycle. He began the post by explaining how people have viewed Dogecoin as boring because of its sideways moment for the last nine and half years. But he highlighted that the one-year DOGE price surged, it offered more than 6000% gains, followed by another 30,000%.

Dogecoin has been moving sideways since it created the all-time high of $0.7376 on May 8, 2021, but interestingly, the charts had two similar sideways movements before the all-time high. Each of these took at least 8-9 months after Bitcoin halving to boom in value, and now, as it has been two months since 2024 halving, a similar rally can be expected for the December-February.

However, he did mention witnessing a pullback to 8-9 cents before seeing an uptrend similar to the February one. Overall, Kaleo has presented his expectation with the dogecoin to turn bullish like the other meme coins. But he has also accepted the long wait to bear before the DOGE price surges to $2.

$DOGE / #Dogecoin

For those of you who say DOGE is boring – for the most part, you’re right.

It’s spent ~9.5 years of its existence trending sideways or down. The other 1 year? It had one run that pumped ~6000% from the lows and another that pumped more than 30,000%.

The… pic.twitter.com/523tqCMBdC

— K A L E O (@CryptoKaleo) June 25, 2024

What Will Happen If This Prediction Came Out True?

Despite its popularity, Dogecoin has failed to offer profiting value this year, except for its slight surge to $0.2201 in April 2024. It has been the best value it had in 2 and half years, breaking the investor’s expectation of a surge to a new all-time high. If Kaleo’s prediction comes true, the Dogecoin price will turn twice the current ATH target, pushing it to new extremes. As of now, Dogecoin is the 9th top cryptocurrency because of its market capitalization of  $18,071,403,749, which comes after multiplying its current price of $0.1247 by its circulating supply of 144,925,186,384 DOGE.

If the DOGE price surged to $1, the market cap would become 144,925,186,384, beating Tether in this list, which comes third on the rankings. The people who would have invested $100 in Dogecoin today, would have around $801 if the price turned $1, getting 8X profits. And, if the price turns $2, DOGE’s market cap will come to around 579,700,745,536, beating the second biggest cryptocurrency in the market, Ethereum. A $100 investment would turn into $1600, offering 16X gains in this meme coin.

Final Thoughts

Dogecoin price does have the potential to rise as high as Kaleo predicts because of Tesla accepting it as payment and rumors of X doing the same. However, it has never happened before, so there are significant doubts.

Additionally, Dogecoin has a huge circulating supply, affecting the price stability. Not to forget, Dogecoin is a meme coin, where trend falls and rise easily, affecting their performance. Even if Dogecoin surged to such a high, it will be short-lasting, like its current ATH peak.

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