March 3, 2024 11:39 am | 2 minute read |
Friday, virtual currency venture capitalist Andrew Kang Said dogecoin (CRYPTO: DOGE) “It has the potential to rip much more strongly than GameStop,” suggesting months of memecoin speculation are imminent.
what happened: Kang shared his thoughts on X (formerly Twitter) paper The top of the meme coin is yet to come.
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Kang said memecoins are a “global bombardment for speculative liquidity” because they are much easier to access than stocks.Based on that, he believes that Dogecoin is game stop During the last crypto bull market, “crypto and trad funds” owned Doge, and “Elon's family office owned billions of dollars,” he said.
Elon Musk famously mentioned Dogecoin in a sketch on Saturday Night Live.
Kang also noted that the last crypto bull run saw memecoin's market capitalization reach $100 billion, and that the latest bullish move comes as the frenzy could lead to a “multi-month global momentum trade.” He said he expects the market to double that number.
He viewed Coinbase's outage as a “trigger,” concluding: “Check the charts and stay away from the sell button.”
Price action: Dogecoin is up 2% in the past 24 hours and 62% for the week, according to data from CoinMarketCap.
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why is it important:Other traders on social media echoed Kang's bullish view.
altcoin sherpaHe previously tweeted that Dogecoin could hit “crazy numbers” this cycle, doubling down on his previous prediction.
he Said Although Dogecoin doesn't outperform other meme coins, traders can “probably make four times as much money buying and selling with GigaPump.” His conclusion was to “go into a coma” now and “sell when this is a full moon.”
The bullish forecast follows an impressive weekly performance of Dogecoin rival memecoin. Shiba Inu (Crypto: SHIB) and dogwifat (CRYPTO: WIF) will increase by 125% and 400% respectively.
More upside could be in store for Dogecoin’s competitors, as Shiba Inu has hit a golden cross on the charts and Dogwifat is expected to reach $2 soon.
However, confident traders who are willing to speculate on meme coins would do well to keep in mind that speculative mania can lead to highly exaggerated valuations.
Read next: As Dogecoin soars 18%, founder Billy Marcus jokes about crypto community: 'If you're upset about this…'
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