Dogecoin, the largest meme coin by market cap, is poised for a potential price outburst, according to analyst Trader Tardigrade.
In a tweet, the analyst shared a chart showing how Dogecoin might surge to $3.80 in this cycle, a more than 1,040% increase from its current market price.
This forecast is based on historical trends where Dogecoin has previously experienced significant rallies after breaking past previous cycle highs.
The Road to $3.80
The chart suggests that Dogecoin is set to mirror its past cycles, potentially replicating its 2021 bull cycle, during which the meme coin surged 12,000%.
However, for this to happen, Dogecoin needs to maintain a price floor of $0.33 and push towards $0.4155 before it can aim for new all-time highs.
Rising Social Dominance
Dogecoin’s social dominance is also playing a key role in the bullish outlook. LunarCrush Analytics reports a significant rise in social activity, with the meme coin reaching a multi-month high of 4.45% social dominance.
This growing buzz suggests that Dogecoin’s community could help fuel its market momentum.
As of now, Dogecoin is trading at $0.335, on track for its third consecutive day of gains, further solidifying the possibility of an impending rally.
