• Mark Cuban, billionaire investor, states that Dogecoin has a strong use case as a payment method.
  • Analysts convinced by the surge in DOGE's on-chain activity and exchange trading volume, expect the memecoin to rally to $0.40.
  • New investors have a bullish outlook, increasing their share of DOGE supply from 9% to 25% in over a year.

Analysts predict that Dogecoin, among other altcoins, is expected to lead the ongoing cryptocurrency rally. 

Dogecoin's increasing adoption and surge in on-chain activity points to a long rally

The Shiba Inu-themed cryptocurrency, Dogecoin, is on a bullish streak, and the price is up nearly 28% in the past year. The project started as a meme in 2013, has interestingly gained traction and on-chain data suggests that DOGE trader sentiment is bullish.

Mark Cuban, American billionaire entrepreneur and owner of the Dallas Mavericks, recently said that Dogecoin is the 'strongest' cryptocurrency as a medium of exchange. He shared the two strengths of the memecoin in his recent tweet.

Cuban argued that over 5.2 billion Dogecoins are minted every year, putting it above Bitcoin in terms of utility, since Bitcoin supply is limited to 21 million.

On-chain analysts agree with Cuban's bullish outlook since DOGE trading volume on Coinbase noted a spike last week.

Cryptocurrency trader and analyst behind the Twitter handle @Pentosh1 tweeted:

DOGE's current price action is attracting more traders, daily active users of Dogecoin are currently nearly 32,000. This number is moving with a price based on the following chart. 

Dogecoin daily active users

Daily active users of Dogecoin

Though correlation is not causation, the spike in active users coincides with the rise in Doge's social media dominance and indicates a more robust bullish response from users. 

Interestingly, the increased active users are adopting Dogecoin faster than expected, at levels unseen since the 2017 bullrun. Philip Gradwell, the chief economist at Chainalysis, shared details of adoption by new users in his recent tweet. 

Analysts at FXStreet have set a price target of $0.40 for Dogecoin, and at the time of writing, the crypto is trading at the $0.32 level. A potential 26% gain is likely, and the downside is expected to be relatively limited. 


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.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Tezos Price Prediction: XTZ to provide bulls a generous exit before a 15% nosedive

Tezos Price Prediction: XTZ to provide bulls a generous exit before a 15% nosedive

Tezos Price is hovering above a stable support level after facing an intense rejection. While this foothold is likely to provide harbor, it will not be for long. Investors must prepare for a long squeeze as bears make an elaborate move.

More Tezos news

AVAX price exhaustion could lead to sizeable retracement, but for the better

AVAX price exhaustion could lead to sizeable retracement, but for the better

AVAX price is in a no man’s land and depending on how the altcoin reacts to a few barriers, investors can bet on its direction. But a minor retracement in the short-term seems likely given the current market conditions.

More Avalanche news

Why Terra’s LUNA is bound to face a technical punishment

Why Terra’s LUNA is bound to face a technical punishment

Terra (LUNA) price action is facing headwinds from both sides as a technical candlestick pattern is throwing a spanner in the works, together with that long-feared dollar strength that is re-emerging after several warnings from Fed.

More Terra news

Why Solana price action is going nowhere

Why Solana price action is going nowhere

Solana's (SOL) price, from a first glance at the sheet, looks bullish and set forth to continue its rally and winning streak. However, a closer look under the hood reveals that on a weekly chart, price action is going nowhere and could soon collapse once a tail risk gets inflated again.

More Solana news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis