Dogecoin is in the spotlight today as it turns out to be an important day for the biggest meme coin. Given the amount of attention it will receive today, DOGE could experience a significant rally.
Dogecoin turns 11 and could enjoy a historic rally
Dogecoin turns 11 today. The meme coin was launched on December 6, 2013, by Billy Markus and Jackson Palmer. DOGE was created as a “joke” and a parody of Bitcoin, but it has become one of the largest cryptocurrencies by market capitalization. Meanwhile, Dogecoin is just behind as the second-largest proof-of-work (PoW) blockchain by market cap.
To celebrate its 11th birthday, DOGE could witness a significant rally today as market participants focus on the top meme coin. Cryptographic analyst Master Kenobi He also suggested that DOGE could see a price increase today. Interestingly, according to its recent analysis, Dogecoin is well prepared for its next bull leg, having consolidated for about 25 days after its first bull phase, just like in the 2021 bull run.
Therefore, Dogecoin’s birthday could be the catalyst for the next price breakout. Master Kenobi predicted that DOGE could reach $1 on its next bull leg and rise as high as $2.9, depending on how parabolic the pump is. Meanwhile, cryptanalyst Kevin Capital predicts that the next rally could pave the way for Dogecoin to reach the macro gold market between $3.8 and $4.
Coincidentally, ahead of Dogecoin’s birthday today, Elon Musk and Vivek Ramaswamy, who heads DOGE, a government initiative named after the meme currency, had spoken to members of Congress yesterday about their plans for the Department. Musk and Ramaswamy are moving forward with their plans for DOGE, which indirectly provides a bullish outlook for DOGE.
The DOGE department was one of the contributing factors to the first phase of the Dogecoin bull market, which began in October. Musk indirectly cajoled the meme coin through the DOGE initiative in the run-up to the US presidential election, leading to significant rallies for the major meme coin.
DOGE is ready for another bullish rally
Cryptographic analyst Captain Faibik He also confirmed that Dogecoin is ready for another bullish rally. The analyst’s accompanying chart showed that DOGE could rise as high as $0.68 in this next leg before possibly reaching the other targets, which other crypto analysts like Master Kenobi and Kevin Capital.
Crypto analyst Jacob Canfield also suggested that DOGE was well prepared for the next step, stating that DOGE should let go. The accompanying chart showed that the meme coin was ready to break out of a symmetrical triangle. The analyst had also recently mentioned that DOGE was trading similarly to XRP, indicating that it could witness a rally similar to the one the latter recorded in recent weeks.
At the time of writing, Dogecoin price is trading at around $0.43, down more than 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
