• Dogecoin’s (DOGE) price has declined approximately 50% since its peak in November 2020.
• Analysts predict that Dogecoin will soon experience a mild pump toward $0.1.
• Dogecoin has a market capitalization of approximately $10 billion and is held by 5.16 million global crypto users.
Dogecoin (DOGE) has been on the rise since last October when Elon Musk finalized the $44 billion acquisition deal of Twitter Inc. It traded as high as $0.155 last November before experiencing a sudden dip, now trading at $0.076 on Wednesday. This represents a decline of about 50 percent, however, several analysts think the Dogecoin price is preparing for a mild pump toward $0.1 soon.
Dogecoin’s price has been on the radar of crypto analysts due to its vibrant online community and its increasing popularity. On-chain data indicates Dogecoin is held by 5,168,753 global crypto users, and it currently holds a market capitalization of approximately $10 billion. Additionally, the second largest proof-of-work (PoW) secured blockchain enjoys a hashrate of approximately 621.8 (TH/s). Thus, it is no surprise that crypto analysts have their eyes set on Dogecoin, as it is widely believed that the meme-coin will soon experience a mild pump toward $0.1.
Furthermore, Dogecoin has risen approximately 8.8 percent in the past seven days according to market data from Coingecko. This is likely due to the increased FOMO following this week’s crypto pump and the fact that the meme-coin has seen some positive news recently, such as the launch of Solana’s meme coin BONK, which has gained over 22 percent in the last seven days. This has caused many analysts to put Dogecoin on their watchlist for a potential long-term investment.
All in all, Dogecoin’s price appears to be on the precipice of major gains. With its vibrant online community and increasing popularity, Dogecoin may very well see a strong pump toward $0.1 in the near future. Time will tell whether or not this prediction comes true, but it is clear that the meme-coin is one to watch closely.