Dogecoin to Reach a Dime? Top Trader Confident in Imminent Increase

Dogecoin (DOGE), the meme-inspired cryptocurrency that when hit an all-time excessive of $0.73, is being eyed for a bullish return to $0.10 by famend dealer Kaleo.

In his current tweet, Kaleo confidently prompt the altcoin’s imminent rise, declaring the crypto’s present gradual however regular upward creep.

Though DOGE continues to be down round 90.38% from its all-time excessive recorded on Could 08, 2021, the meme coin is steadily holding its floor, buying and selling round $0.069974. CoinGecko information signifies Dogecoin’s market cap sits at roughly $9.85 billion, with a 24-hour buying and selling quantity nearing $442 million.

Dogecoin grew to become an sudden sensation in early 2021, pushed partially by endorsements from Elon Musk and different celebrities, in addition to retail merchants impressed by the Reddit-fueled GameStop rally.

In Could 2021, Dogecoin reached its pinnacle, surging by over 12,000% because the begin of the yr, at its peak.

Curiously, this surge in recognition was mirrored within the adoption figures. John Paul Koning, a monetary author, cited a Nielsen Homescan survey stating that round 11% of American households owned crypto in 2021. Amongst these crypto-holding households, 4 out of ten held Dogecoin, indicating that roughly 6 million US households owned the meme coin.

With this potential base, the anticipated rally to $0.10 could possibly be inside attain if these customers maintain or if the crypto can faucet into the brand new market members.