TL;DR
The largest meme coin in terms of market capitalization—Dogecoin (DOGE)—has been among the best-performing cryptocurrencies lately, recording a 12% weekly price increase. Its ascent could be attributed to the EV giant Tesla, which officially integrated the asset as a payment option on its website.
According to IntoTheBlock, DOGE’s rise to almost $0.16 has benefited multiple holders who have previously invested in the token. Data shows that over 83% of those with exposure to the meme coin currently sit on paper profits, while only 13% are underwater.
Dogecoin significantly outperforms its biggest rival, Shiba Inu, on that front. Approximately 60% of SHIB HODLers are in the green as of the moment, whereas 36% are sitting on paper losses.
The trends were much more different during the 2022-2023 bear market. As CryptoPotato reported in September last year, 89% of SHIB investors and around 50% of DOGE holders were underwater.
Numerous analysts believe that Dogecoin‘s latest price revival could be the beginning of a major bull run. The popular X user Rekt Capital claimed that the meme coin “flipped a multi-year resistance into new support,” resulting in a “new Macro Uptrend.”
Crypto Catalysts was even more optimistic, praising its increased daily transaction volume, “reclaiming weekly level,” and other positive elements. The analyst suggested that DOGE’s path to the milestone of $1 is clear.
Ali Martinez chipped in, too, assuming that Dogecoin’s price retreat observed at the end of April might be “part of its usual behavior before massive bull runs.” He outlined some cases over the past years when the token’s valuation nosedived before soaring exponentially.
“Now, in 2024, DOGE has yet again broken out of a descending triangle! It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run,” Ali Martinez concluded.
