A closely followed crypto analyst says that the popular meme asset Dogecoin (DOGE) is setting up to mimic a 2021-style move that occurred before the asset grew by a staggering 5,000%.
In a new thread, pseudonymous crypto trader Kaleo tells his 719,400 followers on the social media platform X that it’s only a matter of time before crypto-based treasury firms start purchasing billions of dollars’ worth of the dog-themed meme asset as it makes its way to a price tag of nearly $7.
“DOGE/BTC chart looks like it’s ready to make the same type of move we saw in January of 2021. Zero doubt in my mind it’s only a matter of time before Dogecoin treasury companies are buying billions of dollars worth of the king of the memes. $6.9420 for one DOGE is a magnet.”
In January of 2021, DOGE surged from around 0.00000022 BTC to a high of 0.00001287 BTC in May, a rally of 5,750%. DOGE/BTC is currently valued at 0.0000019 BTC ($0.22) at time of writing, a 4.5% decrease during the last 24 hours.
The trader says he expects DOGE to form a “god candle” after breaking free of its lower-time frame (LTF) resistance.
“Zoomed in a bit to show how clean this HTF (high time frame) breakout/retest is. On the verge of breaking the LTF resistance. Expecting the god candle to initiate from there.”
Kaleo goes on to say that Dogecoin is the premium meme asset, going as far as saying it’s the “Bitcoin of memecoins.” According to the analyst, DOGE would need to hit a market cap of about $1 trillion for it to meet his target price, which his chart shows could be hit in early 2026.
“Dogecoin is the Bitcoin of memecoins. Don’t sleep on the king. (for what it’s worth, ~$6.9420 per DOGE is approximately a $1 trillion market cap).”
DOGE is trading for $0.22 at time of writing, an 8.5% decrease on the day.
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