Benzinga - A pseudonymous cryptocurrency analyst on Sunday predicted that when meme cryptocurrency Dogecoin (CRYPTO: DOGE) pumps it will set the scene for meme season.
What happened: Crypto Tony on X said, “When DOGE pump… Set the sights for #Memeseason please.”
$DOGE / $USD – UpdateWhen DOGE pump .. Set the sights for #Memeseason please pic.twitter.com/HF4sy9PVnL
— Crypto Tony (@CryptoTony__) February 11, 2024
The analyst chart shows Dogecoin climbing from its current price of $0.080 to surpass the $0.10 mark by May.
Dogecoin has seen an uptick in large-scale transactions. Data from IntoTheBlock revealed an increase in transfers exceeding $100,000 from 154 to 173 last week.
According to Doge Whale Alert, an unidentified entity moved 100 million DOGE, roughly valued at $7.84 million, to the trading platform Robinhood.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Meanwhile, another pseudonymous analyst MindCluster noted that Dogecoin is witnessing its lowest DOGE/BTC ratio in three years, highlighted by a dip to 165 satoshis from a peak of 1287 satoshis. Dogecoin started the week off weak trading down 1.8% for the day and hovering around the 8-cent resistance level.
Last week, World of Charts commented on the potential upward momentum of Dogecoin, highlighting a positive pattern in its trading activity. The analyst stated, “Finally Dogecoin [is] on the verge of another breakout [having] formed [a] bullish pennant. [In case] of [a] successful breakout, [I’m] expecting a 45-50% bullish rally.”
Price Action: DOGE was trading at $0.80, down 1.12% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent
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