- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH
Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.
Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter
Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.
Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users
Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.