Memecoins are completely hot and happening again. The stories about investors who managed to turn several thousand dollars into millions are flying around our ears. However, according to popular technical analyst Ali Martinez, there remains one absolute king among the memecoins: Dogecoin.
For Dogecoin, he predicts a parabolic rise based on the technical picture.
Parabolic rise for Dogecoin
The Dogecoin price is already doing fantastic in 2024 with an increase of 143 percent, but according to Martinez there is more to come. Nevertheless, it is impressive that Dogecoin has managed to eclipse Bitcoin’s 67 percent increase in 2024.
For Bitcoin, the year 2024 started with the launch of the Spot Bitcoin ETFs, while no comparable developments took place for Dogecoin.
“I feel like my fellow gambling addicts are distracted by new memecoins, but Dogecoin remains the most important altcoin in this sector. From a technical perspective, Dogecoin now appears to be mirroring the 2018-2021 pattern. If so, then Dogecoin could be on the cusp of a massive parabolic run!” said an optimistic Ali Martinez.
In the graph he seems to predict a Dogecoin price of up to $12 before the end of 2024.
What is the potential of Dogecoin?
Dogecoin’s performance continues to amaze friend and foe. At the time of writing, the coin has a market cap of $29.58 billion. To illustrate: ABN AMRO has a market cap of $14.54 billion.
You would almost wonder whether we can still label Dogecoin as a joke. But what is the underlying value of the memecoin? That remains difficult to determine and it is therefore advisable not to take a big gamble with coins such as Dogecoin.
After all, it is difficult to substantiate why the currency would even deserve a market cap of almost 30 billion dollars. For Dogecoin we can rightly say that it is a “what a fool gives for it” investment.
Only “the biggest fool” can be crazier than everyone thinks at the moment.
