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Over the last few months, Dogecoin (DOGE) has become one of the most common ‘go-to’ coins for trading and investing. Elon Musk, the ‘Dogefather,’ and a few other supporters deserve all the credit. DOGE was trading at $0.72 at the time of writing.
Alex Saunders, a broker and consultant, is well-known for his bitcoin forecast. He recently expected Bitcoin’s February drop from $58,000 to under $45,000.
“Elon Musk has been one of the people tweeting about Dogecoin a lot. He’s on Saturday Night Live which is a massive show in America and so now there’s all this speculation that he’s going to talk about Dogecoin and there’s a bit of a trending meme that’s, Dogecoin to a dollar. That actually started when Dogecoin was a couple of cents and now today I think we’ve hit $0.60 something or $0.70 so it’s incredible.”
However, irrespective of the impressive surge, he remained critical of Dogecoin by associating it with a bubble. He added:
“It’s in a bubble at the moment. It is going to pop, but I wouldn’t be surprised if it’s a sell-the-news event, so maybe we do hit a dollar, but I think it’s going to pop before this Saturday Night Live that everyone is looking forward to, and hyping up.”
Dogecoin speculations of a similar ‘bubble’ have been discussed. The analyst did admit, though, that the meme coin has gained support from another influential figure – Mark Cuban. As Shark Tank star Mark Cuban announced that DOGE payments will be approved at his Dallas Mavericks events and online shop, the news gave the joke coin some credibility.
One coin’s loss is another alt’s gain?
Saunders also reported that XRP was perfectly poised to capitalise on industry trends. Dogecoin recently surpassed XRP to become the fourth largest cryptocurrency by market capitalisation. The researcher, on the other hand, reported that “the same retail money that is chasing $DOGE will soon chase $XRP.” I assume #XRP has a fair shot to pump the hardest once every four years.”
Abd still 100% to go to previous ATH…
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) May 6, 2021