Dogecoin, the largest meme coin by market cap, is poised for a potential price outburst, according to analyst Trader Tardigrade.
Dogecoin might be gearing up for another price outburst, an analysis suggests.
In a tweet on March 8, crypto analyst Trader Tardigrade shared a chart暗示ing how Dogecoin might surge to $3.80 in this cycle, a more than 1,040% increase from its current market price.
The analysis is based on historical trends where Dogecoin has previously experienced significant rallies after breaking past previous cycle highs.
The chart shows how Dogecoin might follow a pattern similar to its 2021 bull cycle, during which the meme coin surged 12,000%.
For this to happen, Dogecoin needs to maintain a price floor of $0.33 and push towards $0.4155 before it can aim for new all-time highs, according to the analysis.
Meanwhile, Dogecoin’s social dominance is also playing a role in the bullish outlook. LunarCrush Analytics reports a significant rise in social activity, with the meme coin reaching a multi-month high of 4.45% social dominance.
This growing buzz suggests that Dogecoin’s community could help fuel its market momentum.
As of March 9, Dogecoin is trading at $0.335, on track for its third consecutive day of gains, further solidifying the possibility of an impending rally.
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