Dogecoin Has ‘Fairly Bottomed,’ Says Trader: Is Now Finally The Time To ‘Size Up’?
By Benzinga
Dogecoin (CRYPTO: DOGE) continues to attract bullish predictions from traders who anticipate a payment on social media platform X to strengthen the ecosystem.
What Happened: Heavily followed crypto trader Altcoin Sherpa noted on Thursday that the good thing about Dogecoin is that it has “fairly bottomed.” However, the bad thing is Dogecoin is unlikely to witness similar moves as it had in 2021.
Sherpa continues to expect the meme coin to be good for a “few x minimum” implying that if not parabolic it will generate decent returns to traders. He concluded, “Strong liquidity with this one, you can size up.”
Another crypto trader predicted that X payments are coming soon and DOGE should not be ignored.
Crypto speculator ‘1337.eth’ sees Dogecoin taking off in mid-September and a local top around mid-December. This also aligns with Bitcoin seasonality, he noted,
Also Read: Dogecoin Rebounds To $0.10, But ‘Breaking $0.143 Will Be Key To Creating A New Bullish Structure’
Why It Matters: IntoTheBlock data shows large transaction volumes dropped by 28.7% to $745.7 million, but daily active addresses increased by 4.1%. Notably, a few weeks ago Dogecoin crossed the $1 billion transaction volume.
The Dogecoin Foundation highlighted in an X post that the Cardinals protocol in the Dogecoin ecosystem is starting to show crucial importance.
The Cardinals Protocol focuses on technical experimentation and innovation on Dogecoin, as Dogecoin is more suited for the development of inscription protocols than Bitcoin. Cardinals aims to achieve industry innovation and rapid implementation.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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