The post Analyst Says Don’t Bet On Dogecoin Reaching, Buy This Utility Altcoin Instead appeared on BitcoinEthereumNews.com.

A crypto analyst has provided compelling reasons why the doggy-themed meme coin might only rally below the coveted $1 price target. Instead, investors are advised to go into utility altcoins like ETFSwap (ETFS), which are set to witness explosive rallies. Dogecoin (DOGE) $1 Target May Be Out Of Reach Crypto analyst Pav Hundal has expressed skepticism about Dogecoin’s potential to surge to $1. As the largest meme coin by market capitalization, Dogecoin (DOGE) boasts a significant community, which could paradoxically pose the biggest obstacle to its ascent. Hundal revealed that Dogecoin’s large community of investors and crypto holders could trigger a massive sell-off if the cryptocurrency experiences a sudden increase. The analyst also highlighted that profit-takers were a considerable hurdle to a steady rally in Dogecoin (DOGE). For more clarity, a large-scale sell-off of Dogecoin (DOGE) could result in a sharp price decline, potentially driving it below its value even before the initial spike. Hundal expressed uncertainty about Dogecoin’s (DOGE) ability to reach $1 before such a sell-off, highlighting that the cryptocurrency’s steady price increase was dependent on the decisions of millions of investors who entered the market in 2021. The crypto analyst also disclosed that Dogecoin’s Open Interest (OI) has declined by 50% since the beginning of April 2024. At the time of writing, the cryptocurrency is trading at $0.144, marking a 3.47% decline in the last 24 hours and a 24.91% over the past month, according to CoinMarketCap. While Dogecoin’s bullish path to $1 appears elusive, investors have alternative opportunities in valuable crypto projects like ETFSwap (ETFS) that offer potentially higher returns. ETFS, the utility token of ETFSwap, provides a more stable investment option compared to meme coins like Dogecoin (DOGE), which are prone to volatility and susceptible to market sentiment. Furthermore, ETFS is poised to surge exponentially…

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Filed under: News - @ May 16, 2024 5:26 pm