The founder of Gokhshtein Media, David Gokhshtein, is full of thoughts about Dogecoin. He wrote, "I was actually thinking about DOGE today. Is it going to crack its previous ATH? It has to."
The 10th-largest cryptocurrency by market capitalization is Dogecoin, which has a value of $7.87 billion. According to data from CoinMarketCap, the top meme coin, Dogecoin (DOGE), is currently trading at about $0.0593, down 0.28% for the day.
The popular dog-themed coin's lackluster price movement coincides with the general decline in the crypto market, which saw the total valuation decline somewhat over the day to its current level of $920 billion.
Taking a broader view, it has been more than a year since the historic meme coin craze caused the asset to reach record highs. In May 2021, Dogecoin reached an all-time high of $0.73, just before Tesla CEO Elon Musk's appearance on "Saturday Night Live."
To the dismay of investors, Dogecoin is currently trading down 92% from its record high and down about 75.9% since the start of the year, following bearish market conditions.
Gokhshtein predicts potential
David Gokhshtein has been bullish on Dogecoin all along. He thinks that when the next bull run in the cryptocurrency market starts, meme coins like Dogecoin might experience a parabolic rise. Additionally, he thinks that these types of assets will eventually "lead new retail buyers into the crypto industry."
Currently, Dogecoin awaits a positive catalyst for its price. At the moment, attention is focused on Tesla CEO Elon Musk's Twitter deal, which will take a clear turn on Oct. 28. Elon Musk earlier floated the idea of using Dogecoin as payment on social media if this pulls through.
The meme coin saw some positive price action earlier in October, after the news surfaced that the Tesla CEO had agreed to purchase Twitter on the deal's original terms.