The fourth Bitcoin (BTC) halving happened on Saturday, thus ushering in a new era of the macro cryptocurrency bull cycle. With the Bitcoin supply reduced to 450 coins per day amidst heightened demand from institutional investors, a new all-time high (ATH) is inevitably on the horizon. Furthermore, most of the altcoins had already signalled bullish sentiments during the first quarter.
The Dogecoin Rise
Having established that the cryptocurrency bulls are in control, more investors have been betting on Dogecoin (DOGE) in this cycle. According to on-chain data, the proof-of-work (PoW) secured meme coin has seen a gradual increase in non-zero addresses, which currently stands at around 7.3 million.
Notably, Dogecoin enjoys unwavering support from tech billionaire Elon Musk with his family of unicorn companies led by X social platform, Tesla Inc, and SpaceX. As a result, Dogecoin remains in the top ten most valuable digital assets, with a market valuation of about $23.22 billion and a daily average trading volume of around $1.34 billion.
Ali Martinez on Midterm DOGE Price Expectations
According to a popular crypto analyst Ali Martinez, Dogecoin price has shown several signs of repeating the past bull cycle in the coming months. With a short-term target of $1 in the coming weeks, Martinez noted that the DOGE price is approaching the end of the recent correction.
Also Check Out : Memecoin Mania : Here’s How Trader Turned $1.49 Million in 2 Days
Notably, DOGE price has been forming higher highs and higher lows on the weekly time frame, a classical characteristic of a rising market. The top meme coin was trading slightly above 16 cents after gaining around 10 percent in the past few days.
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