As the crypto market has entered a new phase after Bitcoin Halving, Dogecoin lovers are eyeing the $1 target set years ago. With many speculations and predictions, the hype of the Dogecoin price hitting $1 has persisted for years, but now the recent Hundal interview has highlighted a totally different possibility.

So, what is coming next? $1 or a collapse? Let us discuss that in this blog.

Dogecoin Price Analysis

At the time of writing, Dogecoin price is around $0.1515 after a 3.18% spike in the week. However, the price has dropped more than 6% from yesterday. The market capitalization of DOGE has faced a similar fall, where the value is around $21,819,439,369. This fall seems to be a part of a market collapse, where the global market cap has declined more than 3%.

Interestingly, the meme coin is still in demand as the trading volume has surged by more than 24%, leading to $1,427,505,924.

Like any other cryptocurrency, March was the month of gains for Dogecoin, as the meme coin rose to a high of $0.2201. Despite that surge, the Dogecoin price was nowhere around the $1 mark. Even the highest value Dogecoin has achieved in a decade was $0.73, which was still 36% far from the target.

Is the goal achievable or just hype, is more than a question as the investors have been waiting for that to happen for years.

Pav Hundal Calls $1 Dogecoin Price Crapshoot

Swyftx exchanges analyst Pav Hundal has given a skeptical analysis of the Dogecoin price performance. In a recent event, he talked about the high numbers of Dogecoin holders, eyeing even a minor price surge to sell off to make any profit. He believes these holders have stuck with Dogecoin since 2021, when DOGE was at its prime, and are under loss with low DOGE prices.

Also Read: 3 Meme Coins That Can Make You Millionaire

He clarified that any upcoming surge might be turned down because of the potential sell-off, causing the price to sit around the average again.

It’s a crapshoot. If most of these people decide to take quick profits during the cycle, you could start to see selling pressure ratchet up

According to Hundal, the OI (unsettled future contracts) value has also dropped to $$928.72 Million from the $2.15 Billion at the start of the month, indicating a decline in derivatives activity.

Crypto Analysts Validate the Dogecoin Hype

Although Hundal has disclosed a new POV for Dogecoin price, other analysts like Rekt Capital still favor the Dogecoin demand. Rekt Capital claims that the $1 will be achievable in this cycle.

Also Read: Top 4 Cryptocurrencies to Buy After Bitcoin Halving

Also, a recent X post by a pseudonymous trader, Blockchainmaneofficial is getting some attention for his May predictions for Dogecoin. According to his X post, Dogecoin has a history of extraordinary performance in May, where the meme king gets an average of 85% gains and can even go high to 535%.

$doge historically has a good Month in May, historic average 85% gains and the most it’s printed is 535% gains. I’m looking for the bounce from this current price range pic.twitter.com/ZXDXDE0Q6c

— Blockchainmaneofficial (@blockchain_mane) April 23, 2024

Conclusion

Among this discussion over the Dogecoin price, the meme coin has faced a slight decline in its value. Though Dogecoin has the support of Elon Musk, the expectations are higher from the halving bull rally. It has to see how the future value of this meme coin will coincide with all these analyses.

Read More Why Changpeng Zhao Prison Can Be 3 Years Long.

The post Dogecoin Price: What’s Coming Next For Dogecoin? Price Rally or Sell-Off appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am