Dogecoin (DOGE) is once again in the spotlight as analysts predict a potential outperformance of Bitcoin (BTC) in the current market cycle. According to renowned analyst KALEO, Dogecoin’s unique price action, characterized by extended sideways movements followed by rapid, vertical growth, positions it as a strong contender in the ongoing meme super cycle.
The Secret of Dogecoin’s Price Action
KALEO highlights the secret behind Dogecoin’s price action, noting that the cryptocurrency tends to move sideways for extended periods before experiencing rapid, vertical growth. This pattern has been observed multiple times throughout Dogecoin’s history, and KALEO believes that the current market cycle is no exception.
$DOGE / $BTCThe secret about Dogecoin is – it moves sideways for extended periods, followed by rapid, vertical growth.As bullish as I am on Bitcoin, I have an insanely high conviction DOGE will outpace it.We're in a meme super cycle. The king of memes won't be left behind. pic.twitter.com/e6VMNlOrEZ
— K A L E O (@CryptoKaleo) June 3, 2024
Despite KALEO’s bullish outlook on Bitcoin, the analyst expresses an insanely high conviction that Dogecoin will outpace the leading cryptocurrency. This prediction is based on the belief that the current market cycle is a meme super cycle, and as the king of memes, Dogecoin is unlikely to be left behind.
The Potential Impact of GameStop (GME) on Meme Coins
In a separate tweet, KALEO draws attention to the potential impact of GameStop (GME) on the meme coin market. The analyst suggests that as GME started to surge again, based on the recent disclosure of Keith Gill’s (a.k.a. DFV) position, investors should not sleep on Dogecoin and other meme coins.
The connection between traditional meme stocks like GameStop and meme cryptocurrencies has been observed in the past, with the two often experiencing simultaneous price surges driven by retail investor enthusiasm and social media hype.
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Show more +Show less – Dogecoin: One of the Safest Trades in the Current Cycle
Altcoin Sherpa, another prominent analyst, echoes the sentiment that Dogecoin is poised for major growth in the current market cycle. In a weekly reminder, Altcoin Sherpa states that Dogecoin is going to do something “stupid” later this year, and there’s nothing investors can do about it.
The analyst goes on to describe Dogecoin as one of the safest trades investors can make in the current cycle, emphasizing the cryptocurrency’s potential for substantial gains.
Read more: Massive 3 Billion Ripple Coins On the Move – XRP Price Rally or Crash?
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The post This Dogecoin Pattern Suggests Vertical Growth for DOGE: Analyst Compares The Meme Coin To Bitcoin (BTC) appeared first on CaptainAltcoin.