The meme-inspired cryptocurrency Dogecoin ($DOGE) is set to outperform the flagship cryptocurrency Bitcoin ($BTC) in the near future in what a popular cryptocurrency analyst called a “rage pump.”
The pseudonymous analyst, known as Smart Contractor on social media, is well-known for accurately calling bitcoin’s 2018 bear market bottom above $3,000, and has said that while the DOGE/USD trading pair looks like a “hot mess,” the DOGE/BTC pair “looks gearing up for a revenge pump of probably 100% or more.”
In a follow-up tweet, the analyst noted that after four attempts, $DOGE is already starting to break out on the USD pair.
Dogecoin’s price has notably recently surged after a report suggested Elon Musk wants Twitter to offer a payments service that would include cryptocurrencies. Musk is a well-known $DOGE supporter who recently put pressure on fast-food giant McDonald’s to accept it as a payment method.
Elon Musk’s original offer to McDonald’s came after a cryptocurrency market sell-off that had seen McDonald’s tease the cryptocurrency community with a tweet asking people who run crypto Twitter accounts how they are doing after the sell-off.
Responding to a tweet from the official account of McDonald’s, which had been inactive for a few months, a user asked Musk whether his offer to eat a Happy Meal on TV if the fast-food chain accepts $DOGE as a payment method was still standing, to which Musk responded positively.
Earlier, another pseudonymous cryptocurrency analyst, Rekt Capital, suggested DOGE could see a breakout rally that would see it rise above its current levels after it underperformed other meme-inspired cryptocurrencies in the cryptocurrency space’s latest rise.
Also read: Does Dogecoin Have a Cap or Supply Limit?
Rekt Capital shared in a tweet with their over 330,000 followers that DOGE was “now testing the top of the Falling Wedge trying to challenge for a breakout.”
It’s worth noting Smart Contracter is famous for, in June 2018, predicting the bear market that was seeing the price of bitcoin drop from a then-all-time high near $20,000 would end with the coin trading at $3,200. The prediction was nearly accurate, as BTC hit the target in December of that year.
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- Source: https://www.cryptoglobe.com/latest/2023/01/dogecoin-doge-to-outperform-bitcoin-in-revenge-pump-says-crypto-analyst-who-called-2018s-bear-market-bottom/