We're still in a 'meme coin supercycle' - Dogecoin to rise 1,500% according to analyst

A prominent analyst and crypto trader has shared his bullish enthusiasm for Dogecoin (DOGE).

Kaleo share with his followers that Dogecoin could appreciate by 700% to 1,500% from its current price. He stated:

“I still believe we are in a meme coin supercycle and we will see DOGE shoot up to $1-$2. History just says that we probably have a little time left to prepare for it before it happens.”

At the time of writing the price of Dogecoin is $0.126.

As for the timing of Dogecoin's potential rally, Kaleo explained,

“Each of these previous Dogecoin rallies took roughly eight to nine months after the Bitcoin halving event before shooting up. We are currently just two months past the last halving. That being said, it would actually be more in line with the trend that the real breakout doesn't happen until December-February.”

However, the analyst warned that Dogecoin could fall as much as 36% ahead of the expected rally.

"With that in mind, I wouldn't be surprised to see the current trend break down back to the $0.08 to $0.10 range and back to the February move of around $0.09 to $0.22 that we saw. A similar pattern breakout of approximately 30% decline occurred in August 2020, a few months before the DOGE mass distribution began", he noted.