Dogecoin Up 5% Since DOGE Day, ‘Big Things’ Coming For The ‘King Meme Coin,’ Founder Predicts By Benzinga

Benzinga – By Khyathi Dalal, Benzinga Staff Writer.

Famous Cryptocurrency Founder MaxBecauseBTC predict a bullish future for dogecoin (CRYPTO: DOGE), the meme coin could boost other altcoins even though it is currently struggling to sustain an upward trend.

what happened: In a recent tweet, Max BecauseBTC shared his observations about the relationship between the Others/BTC pair and Dogecoin, explaining that altcoins outperform Bitcoin when the top chart goes up, and vice versa.

He noted that in the last cycle, just before Dogecoin went parabolic, the Other/BTC pair experienced a decline after a steady uptrend, and he believes the current situation reflects that scenario.

“I think this time will be no different. I expect big results for King Meme Coin, and I hope it leads to even bigger gains for most other altcoins,” said Max BecauseBTC .

crypto analyst Ali Martinez He highlighted that Dogecoin’s chart is “solidly out of the descending triangle” and expects the memecoin to “rocket towards $1 in the coming weeks.”

Also read: Dogecoin rebounds to $0.15 as daily active addresses jump 14%

Why it’s important: After the highly anticipated DOGE Day event on April 20th, Dogecoin price peaked at the $0.16 mark. However, the rate of increase over the past two days was only 5%, which was lower than expected.

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According to data from IntoTheBlock, Dogecoin’s large trading volume increased by 6.3% to 1.19 billion, while holder balances increased slightly by 0.05% to 11.46 billion.

The Max BecauseBTC prediction could indicate that the altcoin’s value could skyrocket given Dogecoin’s historical performance. His analysis suggests that if Dogecoin, also known as the “king memecoin,” performs well, altcoins could rise significantly.

These observations provide valuable insight for investors and traders in the cryptocurrency market, who often look to past trends and patterns to predict future market movements.

what’s next: The impact of memecoins and Bitcoin as an institutional asset class is a topic expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on November 19th .

Read next: Doge Day has something to do with Elon Musk, memecoin rebounds after ‘news sell’ drop after Bitcoin halving

Image: Shutterstock

© 2024 Benzinga does not provide investment advice. All rights reserved.

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