1 Top Cryptocurrency to Buy Before It Soars 150%, According to a Popular Analyst!
Dogecoin (CRYPTO: DOGE) went through some wild swings over the past three years. The cryptocurrency was launched in 2013 as a parody of Bitcoin (CRYPTO: BTC) named after the Shiba Inu dog meme. It was only worth $0.01 at the beginning of 2021, but by May 8 of that year, it had soared to a record high of $0.73.
That rally was driven by two main tailwinds. First, a mix of social media buzz, low interest rates, and stimulus checks sparked a buying frenzy in cryptocurrencies, meme stocks, and other speculative investments in 2021. Second, celebrities like Elon Musk, Mark Cuban, and Snoop Dogg jumped on the bandwagon and promoted Dogecoin to their social media followers.
But today, Dogecoin is only worth about $0.16. Soaring interest rates drove investors away from speculative investments like cryptocurrencies, and many of the market's smaller altcoins collapsed as a new crypto winter began.
Faced with these challenges, many investors might think it's smarter to stick with "blue chip" cryptocurrencies like Bitcoin and Ether. Nevertheless, some investors believe that Dogecoin could still bounce back in the near future.
Altcoin Sherpa, the alias for a closely followed crypto analyst with nearly 217,000 followers on X, recently claimed that buying Dogecoin and expecting it to rally about 150% to $0.40 was one of the "safest trades" investors could make right now. Let's see if that outlook makes any sense -- and if investors should be more bullish on this volatile meme coin.
What is the bullish case for Dogecoin?
Altcoin Sherpa's bullish case for Dogecoin is based on the belief that retail investors will buy it again, that it has great liquidity and low downside relative to other meme coins, and that it's more appealing than many of the smaller altcoins.
He also believes that all it takes will be one tweet from Elon Musk to "blow it up."