Amid the ever-growing cryptocurrency market, Dogecoin will always have a place as the most well-known. The leading meme coin birthed the entire sector, which has seen immense growth throughout this year. Subsequently, one trader has noted that Dogecoin is the safest trade to make, but what makes that true for DOGE?
One analyst has recently explored the current digital asset market cycle. Moreover, they delved into the impending price target that DOGE is set to enjoy this year and discussed how that represents one of the most risk-averse trades within the entire industry.
Also Read: Dogecoin: How High Can DOGE Rise This Week?
Why DOGE to $0.4 is ‘Safest’ Trade This Cycle
Throughout the first few months of 2024, meme coins have surged in popularity. These assets are immensely volatile, but can also bring forth tremendous returns from traders. Emerging assets like PEPE, Dogwifthat (WIF), and Book of Meme (BOME) were massive winners through this year’s meme mania.
However, one analyst has pointed to the market leader, Dogecoin (DOGE), as the safest trade you can make. Specifically, digital asset market analyst Altcoin Sherpa took to X (formerly Twitter) to discuss why DOGE to $0.4 is the most prudent investment decision you can make within the meme coin sector.
The analyst noted four facets of the prediction that ensure its safety. The first was rooted in the retail potential of the asset. If any meme coin is going to benefit from the retail application, it will be the industry leader. Secondly, they noted the Elon Musk effect leaves the asset one comment away from urging in value.
Also Read: Shiba Inu or Dogecoin: Which Meme Coin Will Soar Higher This June?
Thereafter, they discussed the liquidity benefits and low downside for DOGE relative to the other meme coin options. Finally, they noted the reality that Dogecoin maintains a significant lead over other options within the meme coin market and that it is destined to outperform.
Conversely, Dogecoin has not had the best end to May. Over the last seven days, DOGE has dropped more than 6%, according to CoinMarketCap. It will be interesting to see how it responds to ongoing market sentiment shifts that are expected in early June. From there, the safety of a Dogecoin trade should be more readily understood.
