Renowned crypto expert recently shares analysis indicating that the largest meme cryptocurrency, Dogecoin (DOGE), is on the verge of a significant surge. Currently, DOGE is experiencing an upward trend following the recent market rally, with the memecoin’s price rising by 8.2% in the past week.
In a detailed analysis shared on May 17th, the pseudonymous analyst Kaleo highlighted the current upward movement of Dogecoin (DOGE) and expressed a positive sentiment towards the cryptocurrency, asserting that it will always be the “king of memes.”
The expert emphasized that Dogecoin is far from dead, predicting that it is only a matter of time before the leading memecoin embarks on its upward trajectory. Referencing the recent volatility in the retail market, particularly with GME/AMC, the analyst suggested that retail participants are once again embracing risk. He stated, “Over the past year in crypto, we have witnessed the explosion of the memecoin market, and the risks associated with it for native participants. $DOGE has always been and will always be the king of memes. It was the initial meme that sparked a movement, showing us that all it took was a dog and a community. Dogecoin is not dead. Once it gains momentum, it will skyrocket once again. The crypto community is filled with options waiting on the sidelines, and retail investors are eager for the same dopamine rush they experienced with GME and AMC. It’s only a matter of time, and I refuse to stay on the sidelines when that happens.”
The recent events with GME/AMC have demonstrated that retail investors are once again willing to take risks. Throughout the past year in crypto, we have seen how the memecoin market has exploded, causing risks for native participants. Dogecoin has always been and will always be the king of memes.
As of the time of writing, the price of Dogecoin stands at US$0.1553, representing a 1.4% increase in the past 24 hours.
Dogecoin (DOGE) is poised for a new macro uptrend.
A well-known cryptocurrency expert recently shared an analysis suggesting that it is now the opportune time for the altcoin market to bounce back, with a significant memecoin potentially benefiting the most from this movement.
In a comprehensive analysis shared on May 5, the pseudonymous analyst Rekt Capital highlighted the current bullish momentum of Dogecoin (DOGE), noting that the token has officially broken through longstanding resistance levels and established new support. This confirmation signals the end of the macro downtrend and the beginning of a new macro uptrend for DOGE.
Disclaimer: The views and opinions expressed in this article, as well as those of any individuals mentioned, are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
Editor’s Choice: The GameStop rally drives memecoins to new heights; PEPE, FLOKI, POPCAT, and GME surge. Analyst reveals the key factor for Shiba Inu (SHIB) to initiate a 20% rally.