There is currently a real memecoin hype going on, but despite this, Dogecoin still manages to remain quite strong “at the top”. However, analysts are currently skeptical about Dogecoin’s ability to reach a price of $1 per token.
That would represent a 36 percent increase from the May 2021 all-time high of $0.73 and a 525 percent increase from the current rate of $0.16.
Dogecoin must give chase
If Dogecoin wants to stay ahead of the competition, it will have to accelerate again soon. Over the past week, Dogecoin managed to achieve an increase of 3.51 percent. That in itself is fine, but it did not perform as well as a Shiba Inu, which, for example, managed to increase by 19.56 percent.
PEPE currently seems to be the big boss among the larger memecoins with an increase of 48.50 percent. It now has a market cap of $3.32 billion and ranks 36 on CoinMarketCap.
Dogwifthat (WIF) managed to rise about 15 percent over the past week.
Pav Hundal, the lead analyst for Australian exchange platform Swyftx, is not so optimistic about Dogecoin at the moment. Despite the “gigantic community,” Hundal predicts that any sharp price rise will be met with sell orders from long-term holders of the project.
What is the class of 2021 doing?
According to Hundal, much will depend on the so-called “class of 2021” who bought their Dogecoin at the top. “If the majority of these people decide to take quick profits during the cycle, that could increase selling pressure,” Hundal said.
Despite these negative words, Rekt Capital still has confidence in the future of Dogecoin.
Rekt Capital told Cointelegraph that he sees a lot of “cyclicality” in Dogecoin’s chart, suggesting that DOGE is “very likely” to reach $1 during this cycle.
According to Rekt Capital, Dogecoin carries a lot of historical heritage and has quite predictable cycles. For example, see the above tweet from Blockchainmaneofficial, which indicates that Dogecoin often performs well in May.
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