A cryptocurrency trader going by the handle “DonAlt” has published a new analysis of the price movement of Dogecoin (DOGE), the most well-known meme cryptocurrency. The price of DOGE has already increased by about 140% since the start of November, hitting $0.40, the highest amount since November 2021, when the meme coin peaked.
DonAlt believes that the currency appears fine despite the amazing price behaviour and, in many ways, the “sufficiency” of such a performance, with the price of Dogecoin practically soaring “to the moon” in the previous three months.
Furthermore, the professional trader believes that “the dog has the right to the second leg,” where “legs” refers to times of vertical price increase.
An all-time high update for the most well-known meme cryptocurrency may be in the horizon if the trader’s prediction of a “second leg” in the DOGE price is accurate.
DOGE to $1?
The current peak price of Dogecoin is $0.74, which was attained in May 2021. The meme cryptocurrency must now rise 89% to reach this milestone. Such a result does not appear to be inconceivable if the subsequent phase of price increase is comparable to what we are witnessing in November.
Whether Dogecoin can achieve the desired $1 per coin target is the true question. Many believed that this was unachievable because of the so-called unit bias, or the pile of zeros in the price of DOGE, which would need Dogecoin to be extremely costly in order to achieve a complete dollar per coin.
For instance, DOGE will be valued $146.86 billion when it hits $1, compared to its present capitalisation of $57.16 billion. Is the meme coin able to do this?
