Dogecoin to $5.60, Crypto Bull Makes Colossal Upward Projection

A Dogecoin (DOGE) bull has backed a massive surge past its all-time high following new on-chain formations. Dogecoin has recorded improved growth metrics, including a 6% jump in activities and an attempted price recovery. The broader market has also seen slight day-to-day gains as bull projections align with trader sentiments. 

Will DOGE Hit $5.60?

The crypto community debated the prospects of Dogecoin’s future amid recent market headwinds. While skeptics limit the asset’s growth based on frequent dips and meme coin corrections, bulls remain unfazed. Crypto analyst Dogegod projected a rise to $5.6 on X, citing breaking falling wedges.

This massive forecast was backed up by DOGE holders, who showed positive futures market data and institutional demand. CoinGlass data points to a 5% rise for Dogecoin in the futures market. At the moment, total amount committed soared to 9.87 billion DOGE, worth approximately $1.54 billion, igniting bull reactions. 

Dogegod didn’t give a timeline for his projection, but many expect it to be in the long term, probably after the next bull run. While the community’s opinion may differ, DOGE price has traded negatively after fresh optimism thrilled traders of a potential $1 mark. In recent years, Dogecoin holders picked the price level as a mega bullish breakout point. If the asset breaches $1, the next level after the psychological barrier will tap multiple all-time highs. 

At press time, Dogecoin trades at $0.1580, a 2.3% surge over the past 24 hours as the recovery continues. The meme coin slumped 9% this month following jolted prices due to President Trump’s tariffs, but recent positive growth propelled the market cap past $23.5 billion as volumes spiked. Crypto whales also scooped up the asset after reduced sell pressures in meme coins. 

Meme Coins Ride On Wider Crypto Wave

Traditionally, meme coins spike as positive sentiments are recorded in Bitcoin (BTC) and altcoins. Fund flows are due to a community frenzy and expanding trader options. On the flipside, a drop in Bitcoin price leads to a crash in meme coin values, as seen this year. After over 22% of the BTC market cap was erased, meme coins lost over $15 billion. 

However, a new market trend has offered meme coin a new lifeline. Bitcoin rose 1.2% while XRP amid Ethereum’s (ETH) soared 2.2% and 0.3% respectively. In the last seven days, whale accumulations played a huge role in the wider digital asset surge.