Crypto News: Following the Twitter logo change news, Dogecoin DOGE price saw notable gains in April 2023 before tapering off. As is the case with memecoin market, speculation and hype often drive the price and a potential altcoin rally could lead to a price pump. Notwithstanding, the decline in Bitcoin value has had a negative effect on the entire crypto market.
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Expert Predicts DOGE Bull Run In Near Future
Crypto analyst CrediBULL has suggested that the corrective stage of Dogecoin value after a previous surge in 2021 places the cryptocurrency in a great position for a pump. He further speculated that there could be another impulsive movement from the current level that could break the $0.70 range. CrediBULL pointed out that the market cap argument was invalidated when DOGE price surged way past estimated levels. With a market cap of $11.67 billion, the DOGE market cap finds itself 50 times smaller than the Bitcoin market cap.
“DOGE is a good example of why market cap arguments are not always accurate.”
According to the analyst, the ideal time to invest in DOGE would be under the $0.5 cents mark. However, the direction of Bitcoin price towards an all time high could potentially bring about a major altcoin rally when new capital starts to enter the crypto market. Additionally, short term price momentum spikes of the memecoin could be observed whenever Elon Musk makes some positive remarks with regards to Dogecoin. Earlier, the successful launch of Starship led to an increase of over 4% in the DOGE price even though the news had no direct connection to the cryptocurrency.
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