Popular trader IcedKnife told his 300K followers on X that DOGE seemed like the most obvious buy-and-hold play of the meme coin market. He then suggested the asset could reach new heights this cycle, with $1 being a “very likely” price target for DOGE.

$DOGE seems like the most obvious brain dead spot buy and hold play I could think of

don’t see a scenario where $DOGE doesn’t see new highs this cycle, $1 is very likely imo

feel like this will be “obvious in hindsight”

time will tell pic.twitter.com/TB3sdruK8g

— Iced (@IcedKnife) April 2, 2024

The trader’s comments come after DOGE made headlines last week when it broke above the $0.22 barrier, a price not seen since November 2021. However, DOGE has retraced to $0.18 by today (April 3), which seems in line with most cryptocurrencies being in the red.

Echoing similar sentiments, popular analyst Ali Martinez reminded traders that DOGE remains the most important meme coin of the market, despite new entrants like dogwifhat (WIF) or Bonk (BONK) making headlines practically every day.

Further, Martinez said DOGE is mirroring the 2018 – 2021 cycle, and if so, it could be on the verge of a “massive parabolic bull run.”

Another popular figure in the crypto space made a similar statement but for DOGE’s oldest and biggest competitor, Shiba Inu (SHIB). As CryptoPotato reported, Davinci Jeremie, a famous Bitcoin proponent, suggested investors should allocate a certain percentage of their portfolios to SHIB.

Despite the current downturn, both DOGE and SHIB are trading on the green in the past 30 days, with increases of 19.5% and 20.4%, respectively.