Benzinga - A pseudonymous cryptocurrency analyst DonAlt said that Dogecoin (CRYPTO: DOGE) might see a substantial price increase, and potentially reaching $1.
What Happened: According to DonAlt, Dogecoin could potentially rise by 554% by a value of $1—a significant jump from its current trading price of $0.153.
“The reason why I found DOGE interesting is because it kind of dipped back into support on the BTC chart,” DonAlt explained in a YouTube video.
He also said the circumstances under which his prediction for Dogecoin’s growth could be proven incorrect. Should the value fall to a certain point above $0.05, it would contradict his bullish prediction, while a climb to $1 remains his goal. Talking about price points, the analyst said, “Invalidation down here somewhere [above $0.05], target up there [$1]… I think that’s not the worst… especially when it was trading at $0.12 or $0.13.”
Another pseudonymous analyst Ali Martinez shed light on the heavy purchasing of Dogecoin by large-scale holders known as ‘whales.’ Over a 72-hour window, these big investors have snapped up 25 million coins of Dogecoin, worth approximately $3.75 million.
#Dogecoin whales have bought 25 million $DOGE in the past 72 hours, worth around $3.75 million! pic.twitter.com/y1RnRffWhv— Ali (@ali_charts) March 21, 2024
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Why It Matters: Meanwhile, Coinbase, a cryptocurrency exchange, has put forward a proposition to kickstart futures trading. The company has set sights on creating cash-settled futures contracts for a select group of digital currencies, including Dogecoin, Litecoin (CRYPTO: LTC), and Bitcoin Cash (CRYPTO: BCH). In preparation for planned launch on April 1, Coinbase has been in talks with the Commodity Futures Trading Commission (CFTC). These contracts will be based on specified prices—$0.15 for Dogecoin, $85.20 for Litecoin, and $413 for Bitcoin Cash.
Coinbase points to Dogecoin’s sustained appeal and the robust support from its user base as a testament to its established position in the world of cryptocurrency. As stated by Coinbase, “Dogecoin's enduring popularity and the active community support suggest that it has transcended its origins as a meme to become a staple of the cryptocurrency world.”
Price Action: At the time of writing, the price of DOGE was trading at $0.15, up 7.71% in the last 24 hours, according to Benzinga Pro.
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