Dogecoin (DOGE) is booming today. The coin had a mixed 2022 and recently bottomed out at $0.109. However, it looks like the fortunes of this popular meme coin are beginning to turn, and we could see sustained gains in the weeks to come. Here’s what you need to know:
- DOGE coin has now surged past its demand zone of between $0.109 and $0.124.
- The coin is likely to hit $0.2 before any major correction
- DOGE has added nearly 30% in value over the last 24 hours alone.
Dogecoin (DOGE) – What is the upside potential?
Dogecoin, like other coins on the market, has had a very tough 2022. The coin had shown bullish signs at the end of March. But that didn’t last long; instead, the meme coin bottomed out in April. However, things are starting to change.
After Elon Musk acquired Twitter, there has been speculation that DOGE could be integrated as part of the payment ecosystem for the social media platform. As a result, the coin has added 30% in value over the last 24 hours.
Despite this, we still believe that there are more advantages for Dogecoin. In fact, the coin is expected to continue climbing towards $0.2 before we see the possibility of a major price correction. This will represent additional 30% gains from the current price.
Dogecoin’s future and long-term outlook
It’s unlikely that DOGE will reclaim its previous all-time high of around $0.7. The coin will have to grow by at least 4x to achieve that from the current price. However, if Elon Musk follows through on his desire to make the meme coin part of Twitter’s payment ecosystem, then DOGE will become huge.
Nonetheless, the meme coin still has a positive outlook for the remainder of 2022. Conservative estimates show that the meme coin has the potential to deliver 2x growth before the end of the year.
