A pseudonymous cryptocurrency analyst sees Dogecoin DOGE/USD reaching levels 317% higher than the $0.12 it was seen trading at 2:43 a.m. EDT on Monday.
What Happened: Altcoin Sherpa tweeted on Sunday that his levels for DOGE indicate that the $0.50 mark could “come too.”
In a separate tweet, the analyst said “DOGE is definitely the leader in terms of meme coins.” However, they said on Twitter that rival meme coin Shiba Inu SHIB/USD could catch up with DOGE.
At the time of writing, SHIB was seen trading 11.5% lower intraday at $0.000012.
Why It Matters: Dogecoin has nearly doubled since Tesla Inc TSLA CEO Elon Musk completed his takeover of Twitter. The entrepreneur is a well-known DOGE-bull.
DOGE was the second-most trending coin on Twitter at the time of writing, according to Cointrendz. The bellwether meme coin was also seen trending on price-tracking websites CoinMarketCap and CoinGecko.
The meme coins 24-hour trading volumes have cooled, having fallen 54.9% over 24 hours to $6.715 billion at the time of writing.
Coinglass data indicated that over 24 hours, nearly $24.4 million worth of DOGE were liquidated.
Dogecoin has pulled ahead of Cardano (ADA) as the eighth-largest cryptocurrency. Cardano founder Charles Hoskinson said that in the hands of Musk, DOGE will soon be integrated into Twitter.
Image and article originally from www.benzinga.com. Read the original article here.