Analyst believes Dogecoin is 'about to go crazy'

A popular cryptocurrency analyst, known for his YouTube channel Crypto Capital Venture, believes Dogecoin is on the verge of a major breakout. In his latest video update on Dec. 5, he pointed to several metrics indicating growing strength and investor interest in Dogecoin.

We’ve been calling this breakout since very very very low for Dogecoin and it’s just getting started.

Currently, 65% of Dogecoin (DOGE) wallet addresses are profitable, meaning only 35% are at a loss. There has also been a notable 50,000 increase in Dogecoin holding addresses over the past 30 days.

The analyst sees these metrics as strengthening fundamentals and believes Dogecoin remains undervalued. He has set a short-term price target of 16 cents, representing a nearly 100% rally from current levels of around 9 cents. This target is based on his public call earlier this year when he revealed he bought a large amount of Dogecoin, around 6 cents.

The upcoming Doge-1 satellite launch, paid for entirely in Dogecoin, drives his bullish outlook. Other catalysts include overall enthusiasm in cryptocurrency markets now that Bitcoin (BTC) has moved back above $42,000. The analyst believes that while Bitcoin consolidates, Dogecoin will “steal the show” and massively outperform other cryptocurrencies soon.

It remains to be seen whether the analyst’s lofty predictions and targets will play out. Still, the analyst expressed a firm belief that Dogecoin still has plenty of upside ahead.

The rally hasn’t honestly even started in my opinion. So Dogecoin is up 7% right now. I didn’t even know is actually spiking as I made the video. We just made new high so almost nine and a half cents and we’re going to get to that 16 cent target that I’ve been talking about forever.