A illustrious trader has suggested that pup-themed crypto Dogecoin could even be dwelling to quadruple its all-time high.
In an X submit on Sunday, February 9, highly followed crypto trader “Vendor Tardigrade” suggested that Dogecoin could even be gearing up for a rally to the $3.69 price point.
While it is miles a modest goal compared with recent $20 calls, it is miles soundless 4 times DOGE’s all-time high of about $0.74 and nearly 14 times its most up-to-date price of about $0.25.
The analyst based fully their projections on an ascending channel sample shaped by the memecoin’s price action since 2014 on the monthly candle chart. Per the chart, the asset appears to be to be on its means to revisiting the pause of this channel, which Vendor Tardigrade anticipates will align with the $3.69 level.
Unsurprisingly, amid most up-to-date market uncertainty, no longer many group contributors seem like as optimistic as Vendor Tardigrade, with some declaring they’ll be direct material with factual revisiting old all-time highs at $0.74.
No matter this pessimism, DOGE is no longer with out catalysts.
Elon Musk and ETFs
For one, the memecoin could even be dwelling to get elevated visibility thanks to its long-working strengthen from the enviornment’s richest man and Tesla CEO, Elon Musk.
Lately, the billionaire has been appointed as head of the Department of Government Efficiency, a non-governmental company tasked with informing authorities spending cuts, which he has cheekily named D.O.G.E. Clearing any doubts as to the hyperlink between this name and the memecoin, the D.O.G.E. net net page launched wearing the ticket of the crypto.
Previous Musk’s antics, DOGE could also quickly gaze recent attach a question to from institutions as several fund managers have thrown their hats within the ring to originate trade-traded funds per the asset. These asset managers encompass REX Advisers and Osprey Funds, Bitwise, and Grayscale.
Analysts have suggested that the proposed fund from REX Advisers and Osprey Funds could also crawl stay as quickly as April 2025, barring a rejection from the Securities and Alternate Commission.
