It has been revealed the fact that Dogecoin will be entering a new rally, according to the latest reports coming from Nicholas Merten. Check out the details below.
Dogecoin enters new rally
A popular analyst says that leading meme crypto asset Dogecoin (DOGE) could spark a rally by the end of the year or early 2024.
In a new video update, Nicholas Merten, the host of DataDash, said recently that smart money tends to accumulate altcoins like DOGE once they’re at a heavily discounted price.
He believes that after Dogecoin is about 95% from its all-time high, blue-chip accumulation should begin.
“Smart money, the accumulators, are looking at these prior discount ranges, they’re looking to build positions around these ranges. I think, generally speaking, that we’re going to be probably coming around 95%, somewhere in this ballpark range…”
He continued and stated this:
“The key point is that I’m looking for accumulation [of] crypto assets around some of these ranges around the basket between these two percentage declines from top to bottom.”
It is also important to note the fact that DOGE is only 91% down from its all-time high.
Merten warns of other sizeable declines for the dog-themed memecoin before it can spark a rally to the upside.
“If you take that same range that was around five cents back in June, and if we take it towards say 95%, you’re talking about a price level that’s all the way down to $0.35 if we go all the way down to 96.5% you’re talking about $0.25, so again you could be facing some significant paper downside on your positions…”
There has been a significant increase in network spam on Dogecoin, leading it to process more transactions than even the Ethereum blockchain.
In the last week alone, the memecoin network has processed over 7.9 million transactions, which is an 11% increase from Ethereum’s 7.2 million and more than twice the number of Bitcoin’s transactions.
