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Home»ALTCOIN NEWS»Cryptocurrency traders say Dogecoin is ‘doing pretty well’ and ready to test higher levels, but there’s a problem.
ALTCOIN NEWS

Cryptocurrency traders say Dogecoin is ‘doing pretty well’ and ready to test higher levels, but there’s a problem.

By Crypto FlexsAugust 2, 20242 Mins Read
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Cryptocurrency traders say Dogecoin is ‘doing pretty well’ and ready to test higher levels, but there’s a problem.
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Cryptocurrency trader and analyst is expressing an overall bullish outlook for Dogecoin (DOGE) as Mimecoin consolidates.

Altcoin Sherpa, an anonymous analyst, told his 11,300 YouTube subscribers that DOGE could eventually explode and hit as high as $0.50.

However, the analyst warns that DOGE’s relatively large market cap could limit its upside potential. He also says DOGE could be underperforming other memecoins, including Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF).

“I think DOGE will eventually test these higher levels. I think $0.35 to $0.40 is definitely possible. Even as high as $0.50 is possible. But DOGE might have the problem that it’s too big at this point… Retail participants might feel like DOGE is too expensive from a market cap perspective and they might want to bet on things like Pepe or WIF or Bonk or some other type of large cap meme that still has plenty of liquidity but has more upside. So DOGE might have that problem.”

Source: Altcoin Sherpa/YouTube

The analyst says DOGE has a healthy market structure overall and could consolidate at the $0.12 level for a while before the MME coin breaks out.

“You know, it’s still looking pretty good… I think DOGE is just going to hover, but ultimately I think it’s going to do pretty well.”

At the time of writing, DOGE is trading at $0.11, down about 4% over the last 24 hours.

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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.

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