Dogecoin Could Hit a New All-Time High Soon, Predicts Analyst

DOGE trades at $0.1722 at press time, gaining 1.80% in the past day as most major cryptos flashed green after an uneventful weekend.

Dogecoin price dropped on Monday, continuing the choppy price action seen over the past few weeks. The meme coin now trades at $0.1722, gaining 1.80% in the past day. However, most major cryptos flashed green after an uneventful weekend.

As reported, the past week saw little to no gains for the crypto market, and most cryptos either traded flat or at a loss. However, meme coins continued to perform well, with several posting double-digit gains.

Crypto Fear and Greed Index Now at 56: Greed

After a dull weekend that saw most cryptos trade flat, the volume for the majority of the top 20 cryptos rebounded today. Bitcoin volume rose by 66% to settle at $6.36 billion, while Ethereum volume also rose, albeit by a smaller 10% to hit $3.1 billion.

Curiously, Dogecoin volume dipped by 22% to settle at $1.26 billion on the spot market. Despite the drop, DOGE still outperformed the market and большинство других криптовалют.

On the other hand, Chainlink volume dropped drastically today, settling at $0.4 billion after a 30% drop from the previous day. Litecoin and Polygon also saw their volume drop, albeit by a smaller 6% each.

CryptoSlate now tracks volume for the top 100 cryptocurrencies.

Dogecoin Price Set to Drop 30% Before 8x Rally – Analyst

According to Toblerone, a crypto analyst with over 43,000 followers on X, DOGE could be heading to a new record price. However, as shown below, it is likely to drop drastically before a rebound that will see it soar by over 1,000%.

The analyst stated:

Another 30% discount incoming. [The] reload area is 0.108. It should give 13x from the reload area and 8x from the current levels.

Toblerone has been bullish on DOGE this entire year. In February, he claimed that the reload area for the meme coin would be $0.125 and has been updating his forecast since.

His most recent update is the most bullish, and it has DOGE hitting $0.25 within the next month and, after a slight retrace, embarking on another bull rally that will take it past $0.65.

A retrace will follow before yet another wave of gains pushes the Dogecoin price to $1.1, and after yet another cyclical retrace, it will surge to over $2 in an optimistic scenario, as shown below.

Dogecoin to $1?

Other analysts have also been bullish on Dogecoin. Ali Martinez pointed out that the meme coin has been consolidating for a while now after breaking free of a triangular trading pattern in which it had been caught up since 2021.

Every time the crypto breaks free of a similar pattern—which has happened twice before—it always goes on a parabolic run; the first time was in 2017, and the second was in 2021.

According to Martinez, the top meme coin should hit upwards of $5 in its looming bull run. Such a massive bull run would give Dogecoin a market cap of $720 billion, half the size of Bitcoin and higher than any other crypto in the market, including Ethereum.

Meanwhile, other meme coins continue to impress in the current market. PEPE still leads in gains over the past week, accruing over 78% in that time, as Crypto News Flash reported.

However, Floki led the race over the past day, gaining 22%. Bonk, WIF and BOME followed suit, gaining upwards of 8% each.

Over the past day, meme coins boast a market cap of $65.78 billion and $10 billion in trading volume.