A crypto trader and analyst is expressing an overall bullish outlook on Dogecoin (DOGE) as the memecoin consolidates.
Pseudonymous analyst Altcoin Sherpa tells his 11,300 YouTube subscribers that DOGE could eventually break out and soar to as high as $0.50.
However, the analyst warns that DOGE has a relatively large market cap that could limit its upside potential. He also says DOGE could be outperformed by other memecoins, including Pepe (PEPE), Bonk (BONK) and dogwifhat (WIF).
“I do actually think that DOGE will eventually go test some of these higher levels. I think $0.35 to $0.40 are certainly possible. Even as high as maybe $0.50 is possible as well. But DOGE might have the problem where it’s just too big at this point… where retail participants might just feel DOGE is too expensive from a market cap perspective and just might want to be betting on something like Pepe or WIF or Bonk or all of these other types of big cap memes where there’s still ample liquidity, but the upside is just bigger. So DOGE might have that issue.”
The analyst says that overall DOGE has a healthy market structure and that the memecoin could consolidate around the $0.12 level for a while longer before breaking out.
“You know, it still looks pretty good… I think that DOGE is just going to chop around but eventually, it’ll do pretty well in my opinion.”
DOGE is trading for $0.11 at time of writing, down nearly 4% in the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: DALLE3