Benzinga - On Friday, crypto venture capitalist Andrew Kang said Dogecoin (CRYPTO: DOGE) "could rip so much harder than Gamestop," suggesting a multi-month memecoin speculation is imminent.
What Happened: Kang took to X, formerly Twitter, to share his thesis that the top for memecoin is not yet in.
According to Kang, memecoins are "a global shelling point for speculative liquidity," as they are much easier to access than stocks. Based on that, he thinks Dogecoin could outperform the GameStop trade, saying that during the last crypto bull run, "crypto and trad funds" owned Doge and even "Elon's family office owned billions."
Famously, Elon Musk referenced Dogecoin in a Saturday Night Live sketch.
Kang also said the last crypto bull run saw memecoins peak at $100 billion market capitalization and expects this bull run to multiply that figure since the mania could lead to a "multi-month global momentum trade."
He sees the Coinbase outage as "the starting gun," concluding, "Do yourself a favor — check the chart — and step away from the sell button."
Price Action: Dogecoin is up 2% in the last 24 hours and 62% on the week, per CoinMarketCap data.
Read Also: Up By 68.5%, Shiba Inu Rises To New Heights, As Investors Watch Inflows Explode
Why It Matters: Other traders on social media echoed Kang's bullish sentiment.
Altcoin Sherpa, who previously tweeted that Dogecoin can do "crazy numbers" this cycle, doubled down on his previous prediction.
He said Dogecoin would not outperform other memecoins, but traders can "probably make 4x your money if you buy and sell on the giga pump." His conclusion was to "go into a coma" now and "sell when this moons."
The bullish predictions follow a stunning weekly performance by memecoins, which saw Dogecoin's rivals Shiba Inu (CRYPTO: SHIB) and Dogwifhat (CRYPTO: WIF) gain 125% and 400%, respectively.
Further upside for the Dogecoin competitors may be ahead, as Shiba Inu recorded a golden cross on its chart and Dogwifhat is tipped to reach $2 soon.
However, confident traders ready to get their feet wet with memecoin speculation may want to keep in mind that speculative mania can lead to vastly exaggerated valuations.
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