The rising adoption of meme coins across different blockchains will help Dogecoin (DOGE) price eventually reach the psychological target of at least $1 in this cycle.
As Bitcoin [NC] price rallied above $64K earlier on Monday, Dogecoin DOGE $0.18 24h volatility: 1.6% Market cap: $26.78 B Vol. 24h: $1.04 B , the oldest and dog-themed meme coin backed by a vibrant online community of investors, held above a crucial support level of about 11 cents. The large-cap altcoin, with a fully diluted valuation of about $16.5 billion and a daily average traded volume of around $780 million, pumped 1.2 percent in the last 24 hours to trade about $0.1128 on Monday, October 14, during the early New York session.
From a technical analysis point of view, Dogecoin price is now well positioned to rally at least 300 percent in the near future fueled by the October bullish narrative. Moreover, the crypto space has gradually gained bullish momentum after the Fed recently initiated the first-rate cuts since the COVID-19 pandemic ahead of the 2024 US elections.
Additionally, the much-anticipated crypto parabolic rally after the Bitcoin halving will most likely happen in the coming months. From historical data, it is evident that Bitcoin and the entire altcoin space performed well in the fourth quarter.
With Bitcoin dominance showing early signs of market reversal in the near term, it is safe to assume that the much-anticipated altseason is on the horizon. According to a popular crypto analyst Ali Martinez, the Dogecoin price is on the cusp of a bullish breakout, based on technical analysis.
Buy signal: #Dogecoin pic.twitter.com/o8boPPXpov
— Ali (@ali_charts) October 14, 2024
Why Consider Dogecoin for a Bull Run Ahead
As a veteran altcoin and more so the first meme coin, Dogecoin has grown its market and community in the past years. Most importantly, the Dogecoin network is backed by tech billionaire Elon Musk, who has vowed to continue helping DOGE ahead.
For instance, Musk has promised that Dogecoin will soon be used as a form of payment in his family of unicorns, led by X platform and Tesla. Notably, Musk intends to make the X platform an all-in-one platform, with the payment feature expected to be launched soon.
Meanwhile, the Dogecoin community has grown to more than 7.4 million holders and is listed on all major crypto exchanges led by Binance and Coinbase. According to on-chain data analysis by Santiment, the number of active addresses on the Dogecoin network has surged to an eight-month high of about 133K.
Active #Dogecoin addresses recently surged to 133,880—the highest level in 8 months! pic.twitter.com/DojEsDscXk
— Ali (@ali_charts) October 12, 2024
The proof-of-work (PoW) secured meme coin has attracted more institutional investors seeking to diversify their crypto-mining operations over the years. As of this report, the Dogecoin network had a hash rate of over 1.3 PH/s and a total mining difficulty of more than 18.9 M.
With its deep liquidity provided on major Web3 platforms, Dogecoin price is well positioned to surge in the near term.
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