A popular pseudonymous cryptocurrency analyst known as Altcoin Sherpa has recently made a confident Dogecoin ($DOGE) price prediction, revealing he believes the meme-inspired cryptocurrency is set to see its value rise over 600%.

In a series of tweets sent to their nearly 200,000 followers on the microblogging platform Twitter, Sherpa highlighted he believes DOGE can reclaim the $0.50 mark, representing a significant upside from its current $0.0709 price tag.

Despite expressing optimism about Dogecoin’s prospects, Sherpa cautions that this anticipated growth may take some time to materialize, which could deter long-term investors from exploring other potential opportunities The analyst also warned other memecoins, including $SHIB and $PEPE, could erode DOGE’s momentum.

Sherpa illustrated his analysis using a chart that indicated DOGE’s breakthrough of resistance levels identified by exponential moving averages. The chart reveals that DOGE is currently retesting the 89-day EMA, a key indicator for identifying a trend reversal.

The last time Dogecoin traded above the $0.50 mark was back in 2021, at a time in which search interest for the cryptocurrency explode, leading to a massive 10,000% price rally. Dogecoin was created back in 2013 as a joke.

The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.

As CryptoGlobe reported, popular cryptocurrency analyst Michaël van de Poppe has recently revealed he believes that the price of the meme-inspired cryptocurrency could potentially see a remarkable rally similar to the one $XRP saw earlier this month.

The price of XRP is up over 65% over the past week over a recent ruling by a federal judge in New York that determined that XRP is “not necessarily a security on its face.”

Featured image via Unsplash.