Dogecoin, the meme coin once favored by Elon Musk, has risen over 10% in the past week, following the upward trend of the cryptocurrency market as Bitcoin reached a record high of $123,091.61 earlier this week.
A meme coin is a type of cryptocurrency that parodies a popular cryptocurrency. It is called so because it resembles memes or viral trends.
Ali Martinez, a well-known cryptocurrency analyst known as @ali_charts on X, has shared price analysis charts showing that this meme coin appears to be forming a "double bottom" pattern.
A double bottom is a bullish reversal pattern that forms after a downtrend on the price chart, marked by two similar bottoms and a breakout point at the peak in between. It indicates that selling pressure has exhausted and a trend reversal towards bullish may be underway. If this cryptocurrency follows the pattern as analysts predict, the price could reach $0.42 by September.
Launched in December 2013, Dogecoin is a parody version of the first decentralized cryptocurrency, Bitcoin, which was launched in 2009.
As the largest cryptocurrency in the world, Bitcoin is the preferred choice for companies adopting cryptocurrency treasury strategies.
However, Dogecoin — the parody version of BTC — is also not to be underestimated. Some companies, such as Bit Origin (Nasdaq: BTOG), have also started buying DOGE to add to their balance sheets.
At the time of the press release, Dogecoin was trading at $0.234, nearly 70% lower than its all-time high of $0.7376 achieved on May 8, 2021.
To reach the target of $0.42, DOGE needs to increase nearly 80% within two months.
The legendary analyst stated that Elon Musk's favorite coin could rise 80% first appearing on TheStreet on July 18, 2025.