Benzinga – A cryptocurrency analyst has shared a pessimistic outlook on Dogecoin (CRYPTO: DOGE) given the current market conditions.
The analyst, known as Altcoin Sherpa, communicated to his subscribers on YouTube that he saw more potential in the memecoin Pepe (CRYPTO: PEPE) compared to Dogecoin.
“I think that PEPE is probably just a better buy than DOGE. I say that as a PEPE bag holder so obviously I’m biased. But I think that given that Dogecoin is so high up relatively market cap…,” he said.
At the moment, PEPE’s market value stands slightly below $473 million, with its price being $0.00000107, marking an impressive rise of approximately 1,845% since its April 19 value of about $0.000000055.
In contrast, Dogecoin’s market value is just above $8.9 billion.
Also Read: Bitcoin, Ethereum Face Mass Exodus — Will XRP And Dogecoin Follow Suit?
Altcoin Sherpa suggested Dogecoin’s price trajectory appears to be on a downward trend, potentially decreasing by roughly 21% from its present value.
He said, “I think that this is just mostly going back down lower to the $0.05. Maybe not $0.05 exactly but like $0.055 or something like that. It seems logical. [Dogecoin] doesn’t look great.”
Currently, Dogecoin is priced at $0.0634.
Altcoin Sherpa also hinted at a potential positive turn for Dogecoin, stating, “I do think that Dogecoin is nearly locked to pump eventually. But it’s so high up relatively in market cap that it’s a little bit different these days.”
Read Next: Crypto Trader Who Predicted Bitcoin Bottom In 2018 Says Market Could Be Nearing Last Chance To Buy
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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