March 6, 2024 6:12 AM | 3 min read
“Benzinga’s Top Stocks to Buy Today”
There’s only two mistakes you can make when investing. One is not investing at all. The next is buying the wrong stocks. Get an edge on which stocks to buy with the Benzinga Insider Report, our best weekly stock report sent right to your inbox. Act fast and secure our top stock picks at an unbelievable discount! Claim This Limited $0.99 Offer NOW!
A pseudonymous cryptocurrency analyst Altcoin Sherpa on Wednesday predicted that the top meme cryptocurrency by market capitalization Dogecoin (CRYPTO: DOGE) will reach $1.
What Happened: Altcoin Sherpa posted on X, “$DOGE: Some random notes on this one: -I think that this does something stupid, like go to $1+ or something. It’s got too much firepower w. elon and is still king meme.”
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!
The analyst said although it’s unclear when this might happen, the involvement of high-profile individuals like Elon Musk, along with its status as the ‘king meme’ coin.
“When this happens? I have no idea. Could be now, could be 6 months from now. It wont give you the same returns as 2021 given mc. This is a relatively safe trade IMO. Like I think the chances of this doing several x is quite high. Is it going to be better R:R than longing other stuff like $SOL? I don’t know. Go as far down the risk curve as you want. The chart looks great IMO. Chopped for 650 days and then exploded up. $.20 and $.35 are the next interesting areas up. Whether it’s better to long this or other memes, it really depends on your risk tolerance,” said the analyst.
Dogecoin on Wednesday saw a slight correction, from the $0.2 mark to $0.16, a price not seen since November 2021. This month alone, the meme cryptocurrency has skyrocketed by 128%, and a 97% jump in just the past week.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Kaleo, another pseudonymous analyst, hinted at a further rise for Dogecoin in a tweet: “Just a reminder anon – $DOGE has plenty more left in the tank.”
At present, Dogecoin is trading at $0.16 with a market capitalization of $23.9 billion, marking a 100% increase from the previous week. Kaleo’s analysis suggests the possibility of Dogecoin’s price moving towards $0.67.
Altcoin Sherpa earlier recommended a long-term approach to investing in DOGE, stating that although it may not surpass other meme coins in terms of market capitalization, significant profits could be made during a ‘giga pump.’ The advice was to “Buy now and go into a coma and sell when this moons.”
This comes as Dogecoin’s price rise is an all-time high in futures open interest, which has achieved the $1.4 billion mark.
Price Action: At the time of writing, DOGE was trading at $0.16, down a 7.20% decrease over the last 24 hours.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
Image made using AI via Midjourney
“Benzinga’s Top Stocks to Buy Today”
There’s only two mistakes you can make when investing. One is not investing at all. The next is buying the wrong stocks. Get an edge on which stocks to buy with the Benzinga Insider Report, our best weekly stock report sent right to your inbox. Act fast and secure our top stock picks at an unbelievable discount! Claim This Limited $0.99 Offer NOW!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
This news is republished from another source. You can check the original article here