With Dogecoin currently enjoying a notable surge, one analyst has said that an impending memecoin supercycle can push DOGE to the $1 level. Indeed, the trader noted that a market-wide surge could be the catalyst for the leading memecoin to reach a new all-time high.
DOGE has faced a volatile several weeks. In the last 24 hours, the token has surged 6%, according to CoinMarketCap. That has been an interesting turnaround, as the last 30 days have only seen it increase 7.5%, as it sits above the $0.13 mark. Yet, there are some who believe it could shatter previous records this year.
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DOGE to $1 Amid Impending Memecoin Supercycle?
For Dogecoin, a $1 price has always been the dream. The highest meme coin by market cap has seemingly always set the tone for the sector. Now, with a golden cross coming to fruition this week, there is optimism that 2024 could be year to remember for DOGE.
As the token performs well, one analyst has said that Dogecoin could benefit from a nearing memecoin supercycle that drive DOGE to that coveted $1. Crypto analyst Kaleo took to X (formerly Twitter), and noted that the price level could be the minimum target for the token.
The analyst noted that DOGE spent 9.5 years “trending sideways for down.” Then, they noted that one had a year run with two monumental price rallies; one seeing DOGE surge 6000%, and the other seeing it increase 30,000%
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Moreover, they note that both increases took 8-9 months, “after the halving before they began to pump. We’re currently only two months past the most recent BTC halving.” Therefore, they predicted that the best could be yet to come for the crypto.
“I still believe we’re in a meme coin supercycle and we’ll see DOGE send to $1-$2,” they said. “History just says we most likely have a little bit of time left to prep for it before it happens.” Although the prediction is optimistic, it is far from impossible.
The Bitcoin halving was a key crypto moment this year. Its arrival in April didn’t have the impact many had hoped, but it didn’t stop BTC from reaching an all-time high of $73,000 in March of this year. With the market facing a positive sentiment, the continuation of that could be paramount for its increased gains.