On May 21, Tesla and SpaceX CEO Elon Musk’s favorite cryptocurrency managed to flip the Telegram-supported Toncoin ($TON) to become the 9th most valuable cryptoasset by market cap.

Source: TradingView

Dogecoin is a cryptocurrency that emerged as a joke in December 2013, created by software engineers Billy Markus and Jackson Palmer. They aimed to develop a fun, less serious alternative to Bitcoin, drawing inspiration from the popular “Doge” meme featuring a Shiba Inu dog. Despite its humorous beginnings, Dogecoin quickly garnered a significant following due to its lighthearted nature and vibrant community.

Dogecoin operates on a technology similar to Bitcoin but with notable differences. It utilizes the Scrypt algorithm for its proof-of-work system, contrasting with Bitcoin’s SHA-256 algorithm. One distinctive feature of Dogecoin is its supply model. Unlike Bitcoin, which has a capped supply of 21 million coins, Dogecoin has no maximum limit. Currently, there are roughly 144 billion DOGE coins in circulation, with more being produced annually.

At the time of writing (2:22 p.m. UTC on May 21), DOGE is trading at around $0.1704, up 13% in the past 24-hour period.

Kaleo, popularly known in the cryptocurrency community as Crypto Kaleo, is a well-known trader and analyst with a significant social media presence, especially on Twitter. He is respected for his market analysis, trading strategies, and insights on various cryptocurrencies, including Bitcoin and altcoins.

On 17 May 2024, Kaleo shared his expectation of an imminent rise in Dogecoin (DOGE) on the social media platform X, indicating that the cryptocurrency is set for a notable upward movement. He later clarified to a follower that while his short-term forecasts for Dogecoin typically suggest a move higher, there could be a brief dip before the anticipated rise. Kaleo stressed the importance of consistently accumulating Dogecoin despite short-term volatility.

That same day, Kaleo expanded on his optimistic view of Dogecoin, comparing the recent surge in meme stocks like GameStop (GME) and AMC Entertainment Holdings (AMC) to the behavior of retail investors. He noted that the revival of meme stocks indicates that retail traders are again willing to take risks. This risk-on attitude has been prevalent in the cryptocurrency market over the past year, especially with the rise of various memecoins such as Pepe and Dogwifhat.

Kaleo emphasized Dogecoin’s continued prominence as the leading memecoin, citing its strong recognition among retail investors and the cryptocurrency community. He pointed out that Dogecoin was the original meme that inspired confidence in the potential of a community-driven cryptocurrency movement. Despite market ups and downs, he maintained that Dogecoin is far from being outdated.

Kaleo argued that once Dogecoin starts to attract more buying interest, it is likely to experience a rapid upward movement. He observed that the cryptocurrency community is currently flooded with numerous options, while retail investors are eager for the excitement they recently felt with meme stocks like GME and AMC. Kaleo believes it is only a matter of time before Dogecoin gains momentum again and emphasized his determination not to miss the opportunity when it arises.

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