In the past few years, Dogecoin has been the flagbearer in the meme coin field, transforming from a joke into an asset with a market value of hundreds of billions of dollars. And now, this meme ship is once again catching a favorable wind.
First is the dual benefit of political and celebrity dividends. If Trump is successfully re-elected as President of the United States in 2024, his relationship with Elon Musk has been rumored to be heating up, and there are even reports that the two may collaborate to establish a technology advancement organization named after 'DOGE'. While this sounds exaggerated, this narrative is precisely the source of DOGE's belief that anything is possible, especially when you stand at the forefront of the times.
Secondly, from a technical perspective, DOGE is forming a classic 'cup and handle' pattern, which is a common precursor to a breakout in a bullish market. Historically, DOGE has seen increases of over 10 times under this structure multiple times, and this time, the pattern is even more mature.
Finally, there is a comprehensive reversal of market expectations. In the past, people believed DOGE had no utility, but now 'meme is narrative, narrative is value' has become a new consensus in Web3. Not to mention, Forbes analysts have even given an extreme bullish prediction of 'DOGE could reach $10 at most' - which is almost 16 times the current price.
The conclusion is: the narrative of DOGE is shifting from 'dog coin joke' to 'policy experiment'. In the next bull market, it may no longer just be a form of self-entertainment for the community, but one of the assets truly entering the mainstream market. 10 times? Maybe that's just the starting point.
