"Analysts are talking about the next big leap for Dogecoin - with just another 15% increase, the 'king of meme coins' can reach the psychological barrier of $0.2, and all this seems to be without much hindrance before June 1."
Behind this assertion, there are multi-dimensional market logic and latest news support. First of all, from a theoretical perspective, Dogecoin benefits from growing institutional acceptance and accelerated on-chain activities. According to a report released by blockchain analysis company Chainalysis in April 2024, Dogecoin's on-chain transaction volume increased by 200% compared with the same period last year, showing the activity and maturity of its ecosystem (source: "State of the Network: Q2 2024," Chainalysis).
At the news level, in 2021, the well-known e-commerce platform Amazon considered incorporating Dogecoin into its payment system as part of promoting the popularization of crypto payments.
As for the possibility of Dogecoin breaking through $0.2 before June 1, technical indicators and market sentiment give positive signals. CryptoQuant's on-chain data analysis shows that the reserves of Dogecoin on exchanges continue to decrease, indicating that investors prefer to hold rather than sell, reducing the circulation available for trading in the market, creating favorable conditions for price increases (Source: "DogeCoin Exchange Reserves Drop to 2-Year Low," CryptoQuant, May 20, 2024).
For those traders who are bearish on Dogecoin, market experts warn that maintaining large short positions is extremely risky given the current market momentum and upcoming milestones. Historical lessons remind us that sudden positive news or sudden changes in market sentiment can lead to rapid price rebounds, exposing shorts to the risk of being squeezed (see: "Lessons from Past Crypto Short Squeezes," Forbes Crypto, March 8, 2024).
