Last updated:
Author
Simon Chandler
Author
Simon Chandler
Share
Why Trust Cryptonews
Dogecoin has fallen by 7% in the past 24 hours, with the meme coin sinking to $0.175 as the cryptocurrency market drops by 5% today.
The Bybit hack is continuing to weigh heavily on prices, with analysis revealing today that the North Korean group responsible has successfully cashed out $300 million of their $1.5 billion haul.
This has hurt values across the board, with DOGE now down by 20% in a week and by 30% in the last 30 days, with the meme coin also suffering a slight drop in the past year.
Yet one analyst, EWT, has suggested that Dogecoin is at the early stage of a longer term push towards $8.50, which if correct would provide holders with a massive 4,250% gain.
Is Dogecoin About to Explode? Analyst Predicts 4,250% Surge to $8.50
A popular analyst on X, EWT takes his name from his use of Elliot wave theory, which uses past patterns to predict future trends.
And based on his analysis of the past year and a half, he suggests that DOGE is currently in the first or second wave of a pattern that will see the coin climb above $8 in its third wave.
EWT has been predicting big things for DOGE for several weeks now, with the trader suggesting that 2025 could see it make “huge moves” in an earlier tweet.
Yet despite January’s inauguration rally, 2025 has been disappointing for Dogecoin, as it has for most other coins.
Looking at its chart today, it continues a slide that actually began in December, since when it has seesawed its way from a three-year high of $0.4665 to its current price of $0.175.
Yet the positive aspect of this is that its indicators are now in a very oversold position, signalling that the coin should rebound soon enough.
For instance, its RSI (purple) dwindled all the way to 25 at the end of February and remains low, meaning that the coin is trading at a steep discount.
And what’s also significant is that DOGE’s 30-day moving average (orange) has recently dropped below the 200-day (blue), meaning that a bottom is not far away.
Of course, Dogecoin will rely on the wider market in order to make a concerted recovery, with traders still unhappy with ongoing tariff fears and the fallout from the recent Bybit hack.
Assuming that the situation can stabilize, the Dogecoin price could return to $0.2 by the end of the month, before reaching $0.275 by H2.
Meme Index (MEMEX): The Smarter Way to Invest in Meme Coins
For traders unconvinced by Dogecoin, there are other ways of gaining exposure to the meme coin market without exposing yourself to excessive risk.
Probably the most interesting way right now is to invest in Meme Index (MEMEX), a new ERC-20 coin that has raised $3.9 million in its increasingly popular ICO.
Meme Index is launching the market’s first decentralized meme index platform, enabling traders to investors in one of several baskets of meme coins.
What’s interesting about this is that, by spreading your investment across multiple tokens at once, you can reduce your reliance on any single coin.
In other words, you can spread your risk and increase your exposure to potential gains, something which could make meme coin investment more profitable.
Its platform will offer indexes at launch: Titan, MidCap, Moonshot and Frenzy.
Titan will track coins with market caps of $1 billion or higher, while at the other end of the scale Frenzy will track newly launched and launching coins.
Holding MEMEX grants you access to the platform’s indexes, while it also provides governance rights, enabling you to vote on the launch of new indexes altogether.
New investors can join its sale by going to the Meme Index website, where MEMEX is selling at $0.0166883.
Its presale has only 21 days left to run, so newcomers should act quickly.
