Raoul Pal Predicts Dogecoin (DOGE) Could Be Preparing for Another Mega Rally, Introduces the Concept of “Banana Zone”

Wall Street veteran and Real Vision CEO Raoul Pal has suggested that the world's largest meme coin aka Dogecoin (DOGE) could be preparing for another mega rally ahead.

Real Vision CEO and Wall Street veteran Raoul Pal has hinted at the possibility of Dogecoin (DOGE), the world’s largest meme coin, gearing up for another major rally.

In a tweet on Monday, Pal predicted a major rally for DOGE and other tokens like SUI, referring to it as the “Great Banana Rotation.”

I think next in the Great Banana Rotation is $SUI and $DOGE and probably that token that you hold too

— Raoul Pal (@RaoulGMI) November 22, 2024

Some months ago, Raoul Pal introduced the concept of the “Banana Zone,” a market phase characterized by sustained price increases. During this period, he advised investors to be patient and concentrate their holdings on top assets like Bitcoin, Ethereum, and Solana to reduce risk in the volatile market.

However, Pal suggested that investors with a higher tolerance for risk could allocate a smaller portion of their portfolio to up-and-coming tokens like SUI or meme coins like DOGE. But he still insisted that such investors have 90% in solid crypto projects that will be around in the long term, unlocking value.

With several assets already entering the Banana Zone, Pal’s recent comments suggest that DOGE could be next, thanks to recent pop culture moments involving bananas, especially those involving crypto entrepreneur Justin Sun and SpaceX CEO Elon Musk.

Dogecoin (DOGE) Price Slipping Into the Banana Zone

According to Raoul Pal, Dogecoin (DOGE) is the next major crypto to enter the “Banana Zone.” This commentary follows a recent breakout for Dogecoin, which saw the meme coin surpass a three-year high of $0.44 on November 12.

Pal's latest remarks build on his previous bullish stance on DOGE. Earlier this month, he shared a long-term analysis of Dogecoin’s price chart, highlighting the coin’s breakout from multiple descending trendlines.

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.

Here is $DOGE leading the breakout… 1/ pic.twitter.com/rEztxyqTRr

— Raoul Pal (@RaoulGMI) November 10, 2024

As depicted in the above chart, each breakout occurs after a substantial price surge, with Raoul Pal emphasizing that the current market phase offers a “last chance to add.” The above chart shows a pattern of descending wedge formations, which have led to major price movements for Dogecoin in the past.

The latest chart reveals a breakout as the DOGE price has crossed above its downward trendline, reported CNF. In addition to Pal, other market analysts anticipate a rally for Dogecoin. Popular crypto analyst Ali Martinez reported that Dogecoin whales have gobbled up over 550 million $DOGE in the past week, which is roughly $214.5 million!

#Dogecoin whales have bought more than 550 million $DOGE over the past week, worth around $214.5 million! pic.twitter.com/0eHqQGL3LO

— Ali (@ali_charts) November 21, 2024

As reported by Crypto News Flash, the Dogecoin network demand has surged significantly. Dogecoin has seen a massive surge in active addresses, hitting a new record of over 1.33 million daily users. This sharp spike in network activity showcases growing demand and paints an optimistic outlook for the meme cryptocurrency.

Throughout its history, increases in active addresses have coincided with upward price movements, indicating heightened investor interest and greater adoption of the asset.