Dogecoin was back in demand after a harsh drop, rising as much as 10% during Monday’s session. The largest and most valuable meme coins have once again surpassed the $20 billion thresholds in market capitalization.
The counter’s volume remained high, with Dogecoins worth more than $1.5 billion changing hands in the last 24 hours.
Elon Musk’s tweet, according to analysts, spurred another spike in Dogecoin. Among crypto enthusiasts, Musk, the CEO of Tesla Inc, is known as ‘Doge Father.’
BigONE Exchange Chairman Anndy Lian stated, “After Elon Musk’s post on meme coins, Dogecoin has continued to rise. This has prompted regular investors to buy. As a result of this tendency, the number of long-term dogecoin holders is increasing.”
According to Lian, the multiple elements point to an extremely bullish outlook for Dogecoin, with many analysts predicting a 50% increase.
Dogecoin has been gaining traction in recent months, according to market experts, and has been on a roller-coaster ride.
Dogecoin has risen by as much as 50% in less than two weeks, reaching a high of $0.15 on Monday. It is, however, still around 80% behind its all-time high of $0.6848.
The volatility in Dogecoin is fairly high, and investors should exercise caution when investing in it, according to Praveen Kumar, Founder & CEO, of Belfrics Group, who also predicted that the volatility would continue in the future and that investors should consider profit booking as a result of the upward price movement.
Experts vouch for Dogecoin’s ever-increasing appeal among retailers throughout the world. The fact that the token’s volume is increasing suggests the same.
According to Rahul Kumar, CEO of Lyca Nation, a metaverse-based crypto island, “Dogecoin has a wonderful future and will experience stronger upside due to its enormous retail presence, enhanced acceptance, and backing of renowned Elon Musk.”