DOGE To 40 Cents Is ‘One Of The Safest Trades,’ ‘Takes 1 Elon Tweet To Blow It Up,’ Touts Trader

Ivan Crnogatic | May 30, 2024

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Cryptocurrency trader Altcoin Sherpa touted Dogecoin (CRYPTO: DOGE) as one of the safest bets for traders chasing success.

What Happened: The pseudonymous trader tweeted on Thursday that Dogecoin could reach 40 cents. He cited retail interest, potential tweets from Elon Musk, and the coin’s liquidity as key factors.

In his tweet, Altcoin Sherpa stated, “$DOGE to $0.40 is 1 of the safest trades you can make this cycle IMO.”

He mentioned that retail investors are likely to buy it up and a single tweet from Elon Musk could significantly boost its value.

He added that Dogecoin has great liquidity and low downside compared to other meme coins, and it might outperform many other cryptocurrencies. Altcoin Sherpa clarified he did not currently hold any Dogecoin but believed it was a good option for those who preferred a passive investment strategy.

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Why It Matters: Altcoin Sherpa’s prediction came amid a growing bullish sentiment around Dogecoin. Recently, traders have been optimistic about Dogecoin’s potential to double in value once it gains momentum. Some traders believe Dogecoin is “the easiest play” and could see significant gains.

Others have noted that if Dogecoin overcame a key resistance level, it could reach $0.322.

Altcoin Sherpa’s views added to the growing anticipation around Dogecoin’s performance in the current market cycle, especially given its historical volatility and the influence of high-profile endorsements.

Despite the bullish predictions, Dogecoin’s recent performance was notably muted, with only a 1% gain over the past seven days. For comparison, its biggest rival Shiba Inu (CRYPTO: SHIB) was up 8% over the same time span.

Price Action: At the time of writing, Dogecoin continues trading in a tight range at $0.162, down 0.66% at publication Thursday

What’s Next: Trading and investment insights are topics to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: EXCLUSIVE: Will Trump’s Possible Return To Power Make Bitcoin, Ethereum Go Boom Or Bust? Experts Weigh In On Crypto’s Regulatory Future

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock

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