Dogecoin (DOGE), the largest meme coin by total market capitalization, saw a sharp decrease in price in less than a week due to the recent market downturn. The asset recovered some lost ground today, April 19, and is up about 4% daily, so things do not appear to be as bad as they were.
JAVON MARKS, a well-known expert who discussed DOGE's volatility, called the correction a "healthy pullback" and cited the asset's stellar performance since the year's beginning.
JAVON MARKS went one step further and said that a 315% "uphill" move into the $0.65 objective might be fueled by such a price retreat.
Other analysts, such X users Mikybull Crypto and Trader Tardigrade, recently predicted a promising future for DOGE. While the latter stated that Dogecoin runs the "Cycle of 7 years," a price explosion toward the absurd $40 is not out of the question, the former stated that the "real bull run is about to start."
Awaiting These Elements
Considering that the Bitcoin halving is in a few hours, DOGE could be poised for a significant surge. The event lowers the quantity of new coins entering the market, thereby increasing the asset's value over time (assuming demand increase or stay the same). Miners will receive twice as little BTC for confirming blocks on the blockchain after this event.
Every halving, which happens about every four years, has historically signaled a significant upswing in Bitcoin and the cryptocurrency market as a whole, thus Dogecoin stands to gain.
Another occasion that could have a favorable effect on the meme coin's value is April 20's "DOG Day." Though the exact reasons are yet unknown, the cryptocurrency community humorously chose that date to commemorate Dogecoin. Elon Musk is the subject of some theories; his favorite day is April 20. If you've been following the cryptocurrency scene for any length of time, you know that one of the most outspoken supporters of the meme coin is Tesla's CEO.
April 2024, Cryptoniteuae