- Dogecoin and Shiba Inu Coin posted double-digit gains over the weekend as sentiment among memecoins traders rose.
- Luke Martin, host of the podcast “The Coinist”, gives an optimistic outlook on DOGE in a recent tweet.
- Experts predict that Dogecoin could be worth $ 0.42 by the end of 2021.
The prices of the DOGE and SHIB altcoins rose sharply over the weekend, and the correlation between the two Shiba Inu altcoins became clear.
Analysts are optimistic for DOGE and SHIB, further price increase likely
Two memecoins with the Shiba Inu theme, Dogecoin and Shiba Inu Coin, experienced a strong boom over the weekend. Among the top altcoins, DOGE and SHIB recorded the highest increases, which explains the traders’ optimistic outlook.
Dogecoin is back in the limelight after seeing an 18.8% weekly price increase. IntoTheBlock, a blockchain intelligence company, uses the Global In / Out of the Money (GIOM) indicator to determine whether addresses holding DOGE are profitable at current price levels. The average cost of an address is calculated based on the weighted average price at which that address bought or received the amount of DOGE tokens it currently holds.
According to GIOM, 66% of the addresses that currently have DOGE in their wallets are profitable at the current price level ($ 0.24). This is positive for DOGE dealers.
Dogecoin Global in / out of Money
The surge in bullish sentiment among DOGE dealers spilled over into SHIB, known as the “Dogekiller”. The SHIB price is up 21.3% in the past week. Currently, SHIB is nearly 80% off its all-time high, but traders are optimistic given the increasing correlation between the two Shiba-Inu coins.
Before DOGE and SHIB’s recent price hike, a panel of cryptocurrency experts predicted that DOGE could be worth $ 0.42 by the end of 2021 (60% above current price levels). Finder, a price comparison website, conducted a survey and asked a total of 42 experts about what they expect to see what will happen to DOGE prices in the future.
Forrest Przybysz, a Senior Cryptocurrency Investment Analyst at Token Metrics and a member of the panel, said:
I would expect DOGE to rise in step with the rest of the fast growing crypto market, although there will likely be long periods of stagnant prices followed by sharp spurts of speculation like we’ve seen in the past.
The crypto experts stated that they see Dogecoin at $ 1.21 by 2025 and $ 3.60 by 2030. The panel was very divided as experts like John Hawkins, a professor at the University of Canberra, predicted that DOGE would be worth $ 0.15 by the end of 2021 and worthless by 2030. Hawkins stated:
Dogecoin appears to be largely dependent on Elon Musk’s erratic tweets.
That said, the average panelist reaction sees the DOGE rate heading to $ 0.42 before the end of 2021. Crypto influencers like Luke Martin, host of The Coinist podcast, recently tweeted about DOGE and were optimistic.