As the cryptocurrency market undergoes volatility, renowned analyst IcedKnife shared the following insights: Dogecoin (DOGE) We could be gearing up for a significant uptick. With a significant following on the X platform, IcedKnife has highlighted DOGE as a prime candidate for long-term investment within the meme coin sector. According to him, DOGE is likely to achieve the coveted $1 mark in the near future.
$DOGE I think this is the most obvious brain blind buy and hold play I can think of.
I don’t see the scenario $DOGE I don’t think we’ll hit a new high this cycle. It is very likely that it will be $1.
I think this will be “obvious in hindsight”
time will tell pic.twitter.com/TB3sdruK8g
— Ice (@IcedKnife) April 2, 2024
Dogecoin (DOGE) recent performance and market sentiment
DOGE, which recently surged past $0.22, attracted attention with bullish momentum reminiscent of its performance in November 2021. However, the coin has since bounced back to $0.18 amid a widespread market downturn, consistent with trends observed across various cryptocurrencies.
Echoing IcedKnife’s sentiments, analyst Ali Martinez emphasized DOGE’s continued importance within the meme coin landscape. Despite the emergence of new competitors such as Dog We Pot (WIF) and BONKMartinez reiterated the prominence of DOGE and hinted at potential similarities to previous market cycles, suggesting the possibility of a major uptrend.
Comparison of DOGE and Shiba Inu (SHIB)
Other prominent figures in the cryptocurrency community, notably Davinci Jeremie, have expressed similar sentiments about Shiba Inu (SHIB), albeit a long-time rival of DOGE. Jeremie advised investors to consider allocating a portion of their portfolios to SHIB, hinting at SHIB’s growth potential.
Despite prevailing market conditions, DOGE and SHIB have performed positively over the past month, registering gains of 19.5% and 20.4%, respectively. This resilience amid market fluctuations highlights the continued appeal of meme coins and their ability to capture investor attention even in difficult times.