Dogecoin's market value mirrors its pre-boom days of 2021, stirring expectations of an imminent surge
Dogecoin (DOGE), the cryptocurrency that originally started as a joke, has been trading at prices akin to those before its significant rise in the spring of 2021.
Popular crypto analyst Kaleo predicted a potential rally for the meme-inspired coin.
According to Kaleo, DOGE, currently priced nearly identical to its pre-surge level in 2021, could see a rapid increase in value,
The leading meme coin potentially reached the 9 to 10 cents range shortly and then surged to approximately 15 cents.
Anticipated market movements
Kaleo's playbook suggests a fast-paced climb for DOGE, with intermittent plateaus.
The prediction, which is based on historical price action, hints at a swift movement to a high of around 20 cents. It is tied to Bitcoin's performance.
The analyst, while hopeful, tempers expectations with a realistic outlook, doubting a rally to the dollar mark.
In early 2021, Dogecoin experienced a meteoric rise that captured the attention of both seasoned cryptocurrency traders and the general public alike. The massive rally was mostly propped up by a string of celebrity endorsements.
However, as of now, Dogecoin is now a whopping 89.51% from its all-time high.
Dogecoin's 24-hour performance
Over the past 24 hours, Dogecoin has shown moderate volatility, according to data provided by CoinGecko.
With a substantial increase of 4.1%, the cryptocurrency's price fluctuated between $0.074 and $0.077.
Dogecoin maintains a substantial market capitalization of over $10 billion, with a 24-hour trading volume nearing $834 million.