Dogecoin is indeed one of the earliest cryptocurrencies to kick off this bull market. From a price of $0.1 in mid-October to $0.479 in late November, it has surged nearly 5 times, which is much crazier than BTC. I believe many of our crypto friends hold Dogecoin, as the name sounds good and is easy to remember. As a low-priced, high-heat, and large-circulation meme coin, Dogecoin is widely loved, and many newcomers choose Dogecoin as their first entry into the crypto world.
Dogecoin's sudden rise in this bull market is mainly due to the positive news about Musk and the US presidential election. Before the election, Musk kept talking about Dogecoin. Raising its heat and price, during the election period, Musk was also constantly in the limelight, and then Trump's victory and the announcement of the establishment of the US Efficiency Department (D.O.G.E). Musk called for support for Tesla to use Dogecoin for transactions. With these positive news coming one after another, how can Dogecoin not rise?
Dogecoin's third wave of explosion
Bernard Baruch, this crypto expert, said that the price increase of Dogecoin has just begun, and he predicts that the medium-term target of Dogecoin will be between $2.2 and $3.46. Based on Elliott wave theory and detailed K-line trend analysis, he believes that Dogecoin is currently in the third wave stage and expects a strong upward trend in the future.
Crypto analyst Hov shared his analysis on X (formerly Twitter), discussing the future price trend of Dogecoin. He pointed out that since Dogecoin broke through the key macro entry level, this meme coin has risen by 690%.
Can Dogecoin continue to rise, even reaching or exceeding the expected $1? The answer is affirmative.
First, Dogecoin has a unique humorous social attribute and has become one of the oldest POW cryptocurrencies.
Secondly, its token model has unique advantages compared to Bitcoin. This model can ensure that miners can still obtain stable income without the need to drive up prices. Bitcoin's model is somewhat unstable to some extent, as its price fluctuates greatly, and the halving mechanism every four years requires constantly driving up prices to maintain miner income.
Dogecoin's goal is to become a peer-to-peer cash, which is consistent with Satoshi Nakamoto's Bitcoin whitepaper vision. If its payment system is connected in the future and is widely used in various industries, the advantages of Dogecoin as a transaction medium will be more obvious. In addition, its unit price is relatively low, which makes it easier for newcomers to try to buy when entering the market.
I believe that after a short-term correction, Dogecoin will rise again, break through the recent new high, and reach around $0.5. After Trump officially takes office, there will be more positive news, and many digital currencies, including Dogecoin, will soar again to new highs, breaking through $0.73, and reaching over $1 in the spring of next year.
So, if you are currently holding Dogecoin at a loss, don't panic at all, just hold on, and even buy at the current price level, as there is a great chance of doubling your profits. Of course, if you can choose a better entry point, the profit potential will be even greater!
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