- Dogecoin and Shiba Inu coin have posted double-digit gains over the weekend as trader sentiment on memecoins turns bullish.
- Luke Martin, host of "The Coinist" podcast, shares a bullish outlook on DOGE in a recent tweet.
- Experts predict that Dogecoin could be worth $0.42 by the end of 2021.
Altcoins DOGE and SHIB price surged over the weekend, and the correlation between the two Shiba Inu-themed altcoins became evident.
Analysts bullish on DOGE and SHIB, further price rally likely
Two Shiba Inu-themed memecoins, Dogecoin and Shiba Inu coin, witnessed a surge in momentum over the weekend. Among top altcoins, DOGE and SHIB posted the highest gains, which explains traders' bullish outlook.
Dogecoin is back in the spotlight after posting an 18.8% weekly surge in price. IntoTheBlock, a blockchain intelligence firm, uses the Global In/Out of the Money (GIOM) indicator to determine whether addresses that hold DOGE are profitable at the current price level. An address's average cost is calculated based on the weighted average price at which it bought or received the amount of DOGE tokens that it currently holds.
According to GIOM, 66% of addresses currently holding DOGE in their wallets are profitable at the current price ($0.24) level. This is bullish for DOGE traders.
Dogecoin Global In/Out of Money
The increase in bullish sentiment among DOGE traders spilled over to SHIB, popular as "DOGE Killer." SHIB price is up 21.3% in the last week. Currently, SHIB is nearly 80% away from its all-time high, but traders have a bullish outlook due to the increasing correlation between the two Shiba Inu-themed coins.
Ahead of the latest price rally in DOGE and SHIB, a panel of cryptocurrency experts predicted DOGE could be worth $0.42 (up 60% from the current price level) by the end of 2021. Finder, a price comparison website, surveyed the panel, and it polled a total of 42 experts on what they expect to see happen to DOGE prices in the future.
Forrest Przybysz, a senior cryptocurrency investment analyst at Token Metrics and a panel member, said,
I would expect DOGE to grow in tandem with the rest of the rapidly growing crypto market, though it will likely have long periods of flat price action followed by violent speculative pumps like we've seen in the past.
The crypto experts stated that they see Dogecoin hitting $1.21 by 2025 and $3.60 by 2030. The panel was starkly divided since experts like John Hawkins, senior lecturer at the University of Canberra, predicted that DOGE would be worth $0.15 by the end of 2021 and worthless by 2030. Hawkins stated,
Dogecoin seems largely dependent on Elon Musk's erratic tweets.
Nevertheless, the average response of the panel members puts the DOGE price rally on the path to $0.42 before the end of 2021. Crypto influencers like Luke Martin, host of "The Coinist" podcast, recently tweeted about DOGE with a bullish sentiment:
in the metaverse i am long $doge
— Luke Martin (@VentureCoinist) August 8, 2021
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.