The post Dogecoin Could Soar ‘Far Beyond’ Current All-Time High Price: Analyst appeared on BitcoinEthereumNews.com.

Even months ago, it would’ve sounded like a meme-induced fever dream. Crypto emerging as the biggest winner of the 2024 election; Elon Musk, Dogecoin’s most prominent advocate, rising to unprecedented levels of influence and power; the incoming U.S. presidential administration  planning to establish a new federal agency—literally—called D.O.G.E.  But it’s all real, and it’s all happening. And off the remarkable events of the last week, Dogecoin has soared. On election day, DOGE hovered around $0.15. Since then the token has nearly tripled in value, nearly touching $0.43 on Wednesday and hitting a three-year peak this week. The world’s first meme coin has been here before, though, and tends to lose steam after major rallies. So how long is Dogecoin’s moment likely to last this time around? Experts who spoke with Decrypt expressed conviction that Dogecoin has emerged from this week’s events a changed token—that, therefore, looks poised to still have its best days ahead. Thomas Bautista, a research analyst at GSR, explained that whereas Dogecoin’s value was previously tied to one-off news cycles—such as Musk shilling the meme coin on “Saturday Night Live” in 2021—the token has now become so remarkably integrated with American politics and culture that it has graduated to a new level of sustained relevance. “I’m very hesitant to put a cap on it, because now you actually have this ongoing attention cycle,” Bautista told Decrypt of Dogecoin’s potential price ceiling in the coming months. For that reason, Bautista believes, the coin looks poised to break its previous habit of rising gleefully due to an unexpected (typically Musk-related) plug, and then deflating.  “No longer is DOGE a prisoner of the moment that’s just going to go up 20% and then die next week,” the analyst said.  He also pointed to the increased likelihood, given the suddenly, rabidly…

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Filed under: News - @ November 15, 2024 8:25 pm