The CEO of Ripple Labs described meme coins as 'overvalued', but his exclusion of Dogecoin has sparked speculation about his views. Is the price of DOGE about to rise soon?
Brad Garlinghouse, the CEO of Ripple, has softened his previously hostile stance towards Dogecoin (DOGE), enhancing its price prospects as it gains institutional recognition as an asset with strong investment liquidity. Speaking at the Ripple Apex event, he claimed that what many consider merely a manipulation tool has become more than just a meme coin; he retracted classifying it as one of the 'fraudulent rug pull practices for quick wealth', describing it as a pillar of the sector's technological system and a key player. In reference to Elon Musk's ongoing support for the meme coin leader, Garlinghouse stated that Musk has provided Dogecoin with strong and sustainable liquidity.
Currently, the movements of the DOGE price are relatively stabilizing within the descending channel forming the handle portion, while the rapid approach to the convergence area reflects the possibility of the price launching upwards in the coming weeks.
The main support level corresponding to the Fibonacci retracement level of 0.236 and the extended support trend line has prevented the DOGE price from falling whenever it touched it since September. However, it is currently on the verge of intersecting with the resistance barrier of the price channel, suggesting that a strong breakout may push the price to reach the breakout target corresponding to the Fibonacci extension of 1.618 at $0.75, which would then provide abundant gains of 300% compared to current levels.
The anticipated deadline on June 15 concerning the decision to create a spot trading fund for Dogecoin (Dogecoin Spot ETF) in the United States may be the awaited catalyst for this surge, which will open the door for strong institutional investments if approved.