A pseudonymous cryptocurrency analyst sees Dogecoin DOGE/USD reaching levels 317% higher than the $0.12 it was seen trading at 2:43 a.m. EDT on Monday.

What Happened: Altcoin Sherpa tweeted on Sunday that his levels for DOGE indicate that the $0.50 mark could "come too." https://twitter.com/AltcoinSherpa/status/1586732652073304066?s=20&t=XaatwdBAezL2MA-C4EUbuw

In a separate tweet, the analyst said "DOGE is definitely the leader in terms of meme coins." However, they said on Twitter that rival meme coin Shiba Inu SHIB/USD could catch up with DOGE.

At the time of writing, SHIB was seen trading 11.5% lower intraday at $0.000012. https://twitter.com/AltcoinSherpa/status/1586734421683707904?s=20&t=et2RQt71UiO6WWmlqFN12g

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Why It Matters: Dogecoin has nearly doubled since Tesla Inc TSLA CEO Elon Musk completed his takeover of Twitter. The entrepreneur is a well-known DOGE-bull.

DOGE was the second-most trending coin on Twitter at the time of writing, according to Cointrendz. The bellwether meme coin was also seen trending on price-tracking websites CoinMarketCap and CoinGecko.

The meme coins 24-hour trading volumes have cooled, having fallen 54.9% over 24 hours to $6.715 billion at the time of writing.

Coinglass data indicated that over 24 hours, nearly $24.4 million worth of DOGE were liquidated.

Dogecoin has pulled ahead of Cardano (ADA) as the eighth-largest cryptocurrency. Cardano founder Charles Hoskinson said that in the hands of Musk, DOGE will soon be integrated into Twitter.

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