JAKARTA - Dogecoin (DOGE), a crypto asset that was originally created as a joke, is predicted to soar. A well-known crypto analyst, Ali Martinez, predicts that DOGE could increase by 700% in the near future, given its historical movement pattern.

Martinez highlighted that in 2021, Dogecoin had jumped nearly 900% in just 48 hours. According to him, currently DOGE's graphic pattern suggests a possible similar spike. He warns of risks for those betting against DOGE, as potential breakouts can trigger massive liquidation.

How do you bet against #Dogecoin $DOGE when, at any moment, it could surprise nearly 900% in just 48 hours, like it did back in 2021? pic.twitter.com/hUG0uWkG3Z

In addition, crypto whale activity (large investors) on Dogecoin is showing a significant increase. On-chain data revealed that in the last 30 days, the inflow into Dogecoin wallets jumped by 323.86%, signaling increased interest from investors with large wealth.

On the other hand, crypto asset management company Bitwise has submitted a proposal to launch an exchange-trained fund (ETF) focused on Dogecoin to the US Securities and Exchange Commission (SEC). The proposed ETF will hold Dogecoin and strictly follow its price movements.

The ETF submission adds to the list of companies trying to launch investment products related to memecoins. Previously, Rex Shares and Osprey Funds had also submitted similar proposals.

However, this move sparked concerns among market analysts about excessive speculation, given that memecoin often lacks a practical business model or utility that supports its valuation.

Currently, the price of Dogecoin is in the range of US$0.33 (Rp5,346). If Martinez's prediction proves accurate, DOGE has the potential to reach a price of around US$2.64 (Rp42,768), providing significant profits for its investors.


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