Dogecoin Price Could Soar to $1 Amid ‘Memecoin Supercycle,’ Top Analyst Predicts

Dogecoin (DOGE) has the potential to undergo a massive bull run in the near future which could take its price to $1, argues independent market analyst Kaleo. At the core of his bullish outlook is DOGE’s price rallies that have followed Bitcoin (BTC) halvings in the past. Let’s discuss this fractal analysis in detail.

Dogecoin’s Post Bitcoin Halving Trends

Over its 9.5-year lifespan, DOGE has predominantly trended sideways or downwards. However, the memecoin has defied its flat trends at least twice in the past, undergoing meteoric rises instead, gaining 6,000% one instance and 30,000% in another. Interestingly, both rallies appeared 8-9 months after Bitcoin’s halving, an event that slashes the supply rate of BTC by half every four years.

Bitcoin’s fourth halving occurred in May 2024. Since then, the Dogecoin price is exhibiting a similar sideways pattern that it did after the second and the third Bitcoin halving. If the fractal plays out the same, the memecoin will start breaking out to the upside after December 2024.

“With that in mind, I wouldn’t be surprised to see the current bullish trend break lower back to the 8-10 cents range and retrace the February move up that we saw,” Kaleo wrote, adding:

“A similar trend break with a ~30% drawdown and retrace happened in August of 2020, several months before the beginning of DOGE going mainstream and gigasending.”

The bullish outlook is driven by increased demand for altcoins after Bitcoin halving events, a period known as “altseason.” Typically, Bitcoin sees significant price increases before the halving. After the event, traders often take profits from Bitcoin, following a “sell the news” strategy. Some of this capital then moves into altcoins like Dogecoin, which can see better gains than Bitcoin in the months following the halving. Kaleo notes:

“I still believe we’re in a meme coin supercycle and we’ll see DOGE send to $1-2. History just says we most likely have a little bit of time left to prep for it before it happens.”

The Role of Elon Musk in Boosting DOGE to $1

Dogecoin’s price gains in the 2020-2021 period post the third Bitcoin halving were heavily influenced by Elon Musk’s tweets. The billionaire entrepreneur relentlessly supported Dogecoin during the said period, calling himself a “Dogefather” in one of his tweets. Meanwhile, most of his tweets followed major price gains in the Dogecoin market.

Interestingly, DOGE’s best level to date—at around $0.60—was established on the day Musk appeared on the Satuday Night Live in May 2021. The memecoin has declined by up to 85% ever since.

DOGE bulls expect the next price boom to begin for the same reason: Elon Musk. Notably, the X owner has teased followers about a possible integration of DOGE payments into the social media’s upcoming payment platform, X Payments.

As of June 2024, X Payments’ regulatory documents revealed that Musk’s plans for a payment service do not currently involve cryptocurrencies. The platform has already secured money transmitter licenses in 28 U.S. states and is seeking approval in the remaining ones.

However, the Dogecoin community remains hopeful about a potential crypto integration in the future.