Dogecoin is one of the cryptocurrencies that has received a lot of attention from analysts recently. With meme coins expected to outperform once again during this bull cycle, cryptocurrency analyst Crypto Kinfolk has pointed out where Dogecoin price could end up as this bull cycle unfolds.
Dogecoin is entering an expansion phase
In an analysis published on the TradingView platform, cryptocurrency analyst Crypto Kinfolk laid out a possible scenario that could see the price of Dogecoin rise from here. Starting with a brief history, the cryptocurrency analyst jokingly highlighted how far the meme coin has come since its inception in 2013. The existence of such a long history also made it possible to conduct a historical analysis of the meme currency.
One such historical analysis is how Dogecoin price has performed in previous bull markets. In the last two bull markets, i.e. the 2017-2018 and 2020-2021 bull markets, DOGE price saw massive gains of 21,000% and 50,000% respectively.
Given this, a continuation of this trend may indicate that the meme coin could outperform in another bull market. As Crypto Kinfolk points out, Dogecoin has made a habit of mimicking its performance from the last bull cycle. So, if there is a repeat, this bull cycle could be just as explosive as the last, resulting in what the analyst calls a “mind-melting bullish wave.”
Can DOGE price rise to $12 in this bull cycle?
Referring to the chart, Crypto Kinfolk explains that Dogecoin has finally completed a bear market trend, which is now giving way to a recovery. More importantly, the meme coin is exiting the accumulation phase, which is historically bullish for the price. As a result, the cryptocurrency analyst believes that DOGE price has now entered an “expansion phase.”
In this expansion phase, the meme coin is expected to outperform, and even if it repeats only a small percentage of its previous bullish waves, its price could quickly rise to unprecedented levels. The first target put forward by the analyst at this point is $4.20. Achieving this first target would mean an increase of approximately 2,500% from the current price level of $0.1626 at the time of writing.
However, the analyst does not stop there, and expects further outperformance from the meme coin. The second target is a 6,100% increase to reach the $10.10 level. Last but not least, the third target was set at $12, which represents an expected price increase of 7,200%.
“With rumors circulating online that Elon may add DOGE as a native currency to the
Featured image created with Dall.E, chart from Tradingview.com