Dogecoin price bound for another 1,000% bull rally
- Dogecoin millionaire adds 21,000 DOGE to his holdings, predicts big moves ahead for the memecoin.
- Analysts predict a 500-1000% rally in DOGE price if it trades above $0.24.
- The upcoming fee reduction and Dogecoin-Ethereum bridge are the two key upgrades in the DOGE ecosystem.
Dogecoin holders await a significant upgrade in the memecoin that is expected to drive a reduction in transaction fees. Analysts have predicted that DOGE price is ready to explode with a massive breakout.
Dogecoin holders set sights on 500-1000% gains, await bullish breakout in DOGE
Glauber Contessoto, popularly known as the Dogecoin millionaire, announced his recent purchase of $5000 worth of Dogecoin. Contessoto has predicted that
something big is going to happen with DOGE soon.
He urged traders to accumulate the memecoin.
I just bought another $5,000 in #Dogecoin something big is going to happen with #Doge soon... hope you’re loading up because I am pic.twitter.com/dkY3AOexRF
— SlumDOGE Millionaire (@ProTheDoge) October 17, 2021
Dogecoin has exceeded Bitcoin, Ripple, Ethereum and Cardano in year-to-date returns, offering over 4500% gains since the beginning of 2021.
Dogecoin creator Billy Markus had stated that once DOGE nodes upgrade to 1.14.4, there will be a reduction in transaction fees on the Dogecoin network. Proponents expect fee reduction to boost DOGE utility and trigger a rally.
Billy Markus was quoted as:
Run a node if you want, or not. If you want to contribute to helping the network, you will need to be dedicated to running a full, reliable node, using significant bandwidth, and keeping it up to date. But for 1.14.4’s success, existing node operators need to update.
Markus emphasized that if existing node operators updated to the 1.14.1 release, that would be enough for the network to lower its transaction fees, and there is no need for new nodes to join the network for the same outcome.
The development team behind Dogecoin is working on the Dogecoin-Ethereum bridge. Development is underway; no launch date has been announced yet.
Justin Bennet, cryptocurrency analyst and founder of Crypocademy HQ, shared his bullish outlook on DOGE. The analyst has predicted a 500-1000% increase in DOGE price.
Bennet has predicted that once the DOGE price crosses $0.24, it is primed to climb 500-1000%.
$DOGE just needs to take out that area above 0.24.
— Justin Bennett (@JustinBennettFX) October 15, 2021
Do that, and a multi-month rally begins, IMO.
Probably 500 - 1,000% of upside if it confirms. #dogecoin pic.twitter.com/dWDFl1okcR
FXStreet analysts have evaluated DOGE price trend and predicted 70% gains once the price crosses $0.25.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
