Market Veteran Raoul Pal Predicts Dogecoin (DOGE) Could Be Poised for a Major Price Rally

In what he calls the “Great Banana Rotation,” Pal predicted a potential rally in Dogecoin and other tokens such as Sui (SUI).

Crypto market veteran Raoul Pal has suggested that meme coin Dogecoin could be set for a major price rally.

In a tweet on Tuesday, Pal hinted at a potential rally in DOGE and other tokens, such as Sui (SUI), as part of what he had previously termed the “Great Banana Rotation.”

“I think next in the Great Banana Rotation is $SUI and $DOGE and probably that token that you hold too,” the Real Vision CEO wrote.

The “Banana Zone” was introduced by Pal several months ago, describing it as a market phase characterized by sustained price appreciation. During this period, he had advised investors to be patient and maintain holdings in top assets, such as Bitcoin, Ethereum, and Solana, to mitigate risks during market volatility.

However, for those with a higher tolerance for risk, Pal had suggested allocating a smaller portion to emerging tokens, such as SUI or meme coins like DOGE. But he had emphasized keeping 90% of holdings in established cryptocurrencies to preserve long-term portfolio value.

With several assets already entering this Banana Zone, Pal’s latest remarks seem to indicate that DOGE could be the next in line. This speculation also comes amid a series of pop culture moments centered around bananas, with the most prominent involving SpaceX CEO Elon Musk and crypto entrepreneur Justin Sun.

Musk’s recent use of a banana during a SpaceX test flight as a zero-gravity indicator attracted global attention. At the same time, Sun made headlines by purchasing Maurizio Cattelan's iconic banana artwork for $6.2 million and expressing his intention to eat the fruit as part of a live artistic expression.

“I’m thrilled to announce that I’ve bought the banana,” Sun wrote in a tweet on Monday.

Highlighting the role of memes in crypto, Pal’s suggestion of DOGE being next for a price rally could be influenced by such pop culture moments that have seen bananas become a symbol of lightheartedness and absurdity within the crypto community.

The TRON founder also teased plans to tape a banana to a SpaceX rocket and send it to Mars. Notably, these events have sparked enthusiasm toward bananas in crypto markets, with meme tokens that feature “banana” in their names seeing rapid surges.

Among them, BANANO, a feeless, potassium-rich cryptocurrency, had seen its price skyrocket by over 300% in the past week, while ELONBANANA had also surged over 1,000% during the same period.

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Dogecoin to Slip Into the Banana Zone

Returning to Pal’s suggestion, the lineup of tokens he mentioned for this next stage of the Great Banana Rotation had also included SUI, the native token of the Sui blockchain, a Layer-1 chain developed by Mysten Labs, a team that had previously worked on the Aptos blockchain.

Having covered the top assets, such as BTC, ETH, and SOL, in his previous commentaries, Pal’s latest remarks, and specifically the mention of DOGE, could indicate his belief that the meme coin is poised to enter this next phase of price appreciation.

This commentary follows a previous Dogecoin breakout that saw the meme coin briefly breach a three-year peak above $0.44 on Nov. 12.

Afterward, DOGE price had slipped below this level but had managed to stay above $0.39 throughout the past week. At press time, DOGE trades for $0.3969, up 1.91% over the past 24 hours.

Pal’s latest disclosure also builds on previous bullish remarks he has made about DOGE. Earlier this month, he shared a long-term analysis of Dogecoin’s price chart, showing the meme coin breaking out of several descending trendlines.

Each breakout is followed by massive price increases, as Pal had insisted that the current market phase presents a “last chance to add.”

The chart reveals a series of descending wedge patterns, a bullish technical formation. Historically, Dogecoin has seen massive price action following these formations.

“We are very close to being in the Last Chance to Add Zone in crypto. The next step should be the memes breaking out and after that there is nothing to do but wait to take lifestyle chips off the table,” Pal wrote in a tweet on Nov. 10.

A breakout is visible in the most recent segment of the chart, where the price has climbed above its downward trendline. Notably, several analysts also believe DOGE is poised to stage another rally, with one recently identifying a rounded bottom structure.

In addition, Dogecoin whales have been accumulating more tokens, amassing 550 million DOGE in the latest buying spree. At press time, Dogecoin trades for $0.3969, up 1.91% over the past 24 hours, as it looks to reclaim the $0.40 price territory.