Dogecoin (CRYPTO: DOGE) is back at 40 cents, recovering from a shallow dip to 36 cents and leaving cryptocurrency traders calling for more upside.
What Happened: At the time of writing, Dogecoin is trading at $0.399, up 11% over the past 24 hours. The apex meme coin had briefly dipped to $0.36 in the European trading session.
Crypto trader Altcoin Sherpa reassured traders that Dogecoin’s recent movements are part of a typical consolidation pattern. He remains optimistic, holding his position in DOGE, saying the “meme lord” Elon Musk’s influence adds to the coin’s bullish potential.
Analyst Ali Martinez shared a similar view, identifying the $0.35 support as a crucial level for a potential 45% rally.
Trader Master Kenobi predicted that Dogecoin could eventually challenge Binance Coin (CRYPTO: BNB) and Solana (CRYPTO: SOL) for a top three spot in the crypto market, which could further drive investor interest.
The trader sees that the psychological impact of Dogecoin reaching these milestones, combined with its rapid climb, could intensify interest in Dogecoin and strengthen its market position.
Also Read: Dogecoin Is The ‘Best Trump Proxy,’ Industry Expert Claims
Why It Matters: Recent data from IntoTheBlock shows increased transaction volume by 41.1% and a 34.9% uptick in active addresses, with high-value transactions growing from 3,230 to 4,997 in just a day. Exchanges netflows are down by 89%.
Despite the recent pullback, Dogecoin has surged by 97% over the past week, with 96% of holders currently in profit. Martinez reminded traders of Dogecoin’s previous massive rallies, each marked by significant corrections along the way.
He highlighted that Dogecoin’s dip is no reason to panic and “patience and conviction” are key for anyone aiming to become a true “Dogecoin Millionaire.”
He reminded traders of Dogecoin’s 9,470% surge in 2017 with two major corrections along the way, one at 40% and another at 84%. Also, in 2021 the meme coin rocketed 30,700%, again seeing two key pullbacks of 46% and 53%.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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