- Dogecoin and Shiba Inu coin have posted double-digit gains over the weekend as trader sentiment on memecoins turns bullish.
- Luke Martin, host of "The Coinist" podcast, shares a bullish outlook on DOGE in a recent tweet.
- Experts predict that Dogecoin could be worth $0.42 by the end of 2021.
Altcoins DOGE and SHIB price surged over the weekend, and the correlation between the two Shiba Inu-themed altcoins became evident.
Analysts bullish on DOGE and SHIB, further price rally likely
Two Shiba Inu-themed memecoins, Dogecoin and Shiba Inu coin, witnessed a surge in momentum over the weekend. Among top altcoins, DOGE and SHIB posted the highest gains, which explains traders' bullish outlook.
Dogecoin is back in the spotlight after posting an 18.8% weekly surge in price. IntoTheBlock, a blockchain intelligence firm, uses the Global In/Out of the Money (GIOM) indicator to determine whether addresses that hold DOGE are profitable at the current price level. An address's average cost is calculated based on the weighted average price at which it bought or received the amount of DOGE tokens that it currently holds.
According to GIOM, 66% of addresses currently holding DOGE in their wallets are profitable at the current price ($0.24) level. This is bullish for DOGE traders.
Dogecoin Global In/Out of Money
The increase in bullish sentiment among DOGE traders spilled over to SHIB, popular as "DOGE Killer." SHIB price is up 21.3% in the last week. Currently, SHIB is nearly 80% away from its all-time high, but traders have a bullish outlook due to the increasing correlation between the two Shiba Inu-themed coins.
Ahead of the latest price rally in DOGE and SHIB, a panel of cryptocurrency experts predicted DOGE could be worth $0.42 (up 60% from the current price level) by the end of 2021. Finder, a price comparison website, surveyed the panel, and it polled a total of 42 experts on what they expect to see happen to DOGE prices in the future.
Forrest Przybysz, a senior cryptocurrency investment analyst at Token Metrics and a panel member, said,
I would expect DOGE to grow in tandem with the rest of the rapidly growing crypto market, though it will likely have long periods of flat price action followed by violent speculative pumps like we've seen in the past.
The crypto experts stated that they see Dogecoin hitting $1.21 by 2025 and $3.60 by 2030. The panel was starkly divided since experts like John Hawkins, senior lecturer at the University of Canberra, predicted that DOGE would be worth $0.15 by the end of 2021 and worthless by 2030. Hawkins stated,
Dogecoin seems largely dependent on Elon Musk's erratic tweets.
Nevertheless, the average response of the panel members puts the DOGE price rally on the path to $0.42 before the end of 2021. Crypto influencers like Luke Martin, host of "The Coinist" podcast, recently tweeted about DOGE with a bullish sentiment:
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